Italian energy major Eni, through its subsidiary Nigeria Agip Exploration (NAE), has acquired an additional 2.5 per cent stake in the production sharing contract (PSC) for OML 118 from TotalEnergies EP Nigeria. The company noted that the acquisition was made by exercising a pre-emption right.
OML 118 is an offshore licence in Nigeria that includes the producing Bonga field, in which NAE holds non-operating interests. Following the transaction, which has received all necessary regulatory approvals, NAE's share in the OML 118 PSC has increased from 12.5 per cent to 15 per cent.
Eni stated that this acquisition aligns with its strategy to optimise its upstream portfolio and strengthens the company’s commitment to deepwater projects in the country.
The company added that it has been present in Nigeria since 1962, with an average equity production of 50,000 barrels of oil equivalent per day (Kboed) in 2025.