Shell and Eni increase stakes in Nigeria OML 118

Shell and Eni have each boosted their positions in the Nigerian deep-water license block OML 118. Shell’s subsidiary SNEPCo completed its previously announced agreement to raise its interest in OML 118 from 55% to 65% and will continue to operate the Bonga field.

Meanwhile, Eni’s subsidiary Nigeria Agip Exploration exercised its pre-emption right and increased its non-operating interest in OML 118 from 12.5% to 15%.

The transactions strengthen both companies’ involvement in deep-water Nigeria and support continued investment in the Bonga development.