NUPRC Approves $510m TotalEnergies Deal with Shell/Agip in Nigeria's OML 118

The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) approved a $510 million deal between TotalEnergies and Shell/Agip after Chappal Energies' failure. TotalEnergies acquired a 10% stake in OML 118 from Shell for $480 million and from Agip for $102 million.

The deal aligns with the Petroleum Industry Act, ensuring Shell and Agip's technical competence. TotalEnergies also paid the required application fee.

Shell and Agip will handle decommissioning liabilities. This deal enhances Nigeria's upstream operations and ensures the oil giants' continued participation in OML 118.