By Ejekwu Chidiebere
Energy Window International (Media) – Italian Eni, through its subsidiary Nigeria Agip Exploration Limited (NAE), has announced the acquisition from TotalEnergies EP Nigeria Limited of an additional 2.5% stake in the Production Sharing Contract (PSC) OML 118, exercising its pre-emption right.
OML 118 is an offshore Nigerian license that includes Bonga producing field, in which NAE holds non-operating interests.
Following the transaction which has also received all necessary regulatory approvals according to Eni’s email statement to EWI Publishers, NAE’s share in OML 118 PSC increased from 12.5% to 15%, and this acquisition, Eni says, fully aligned with its strategy to optimize its upstream portfolio and further strengthens the Company’s commitment to deepwater projects in the country.
Eni has been in Nigeria since 1962, with an average equity production of 50 Kboed in 2025.