In early November 2019, it was confirmed that French major TOTAL SA (Total) was looking at selling its 12.5% stake in deepwater OML 118 permit, operated by Shell Nigeria E&P Co Ltd (SNEPCO). Industry sources evaluated the value of the deal at USD 750 Million. The decision is part of a global divestment program conducted by Total to sell USD 5 Billion of assets around the world by 2020. Investment bank Rothschild is reportedly running the sale process for Total.  The 1,200 sq km OML 118 is the host of oil giant Bonga field, producing more than 150,000 bo/d and 140 MMcf/d. Moreover, SNEPCO is expecting to take in 2020 the Final Investment Decision (FID) for the USD 12 Billion Bonga Southwest development project, aiming to add between 150 and 225 kbo/d by 2023-24.  As of today, participants in OML 118 are SNEPCO, operator with 55% interests, Exxon Mobil (20%), Eni SpA (12.5%) and TOTAL SA (12.5%).
Nigeria, OML 118