Eni Increases Stake In Nigerian Offshore License OML 118

2025-11-25 05:06:28

(MENAFN- Trend News Agency) BAKU, Azerbaijan, November 25. Eni's subsidiary, Nigeria Agip Exploration Limited (NAE), has acquired an additional 2.5% stake in the OML 118 Production Sharing Contract (PSC) from TotalEnergies EP Nigeria Limited, exercising its pre-emption right, the company said, Trend reports.

The offshore license, which includes the Bonga producing field, now sees NAE's interest rise from 12.5% to 15%. NAE holds a non-operating role in the field.

The transaction, which has received all required regulatory approvals, aligns with Eni's strategy to optimize its upstream portfolio and reinforces the company's commitment to deepwater projects in Nigeria.

Eni has been operating in Nigeria since 1962 and expects average equity production of 50,000 barrels of oil equivalent per day (Kboed) in 2025.

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