On 17 July 2024, TotalEnergies announced it had reached an agreement with Chappal Energies for the sale of its 10% interest in the SPDC JV for a firm consideration of US$860 million. Chappal Energies is a Mauritius-based E&P with a Nigeria focus. TotalEnergies holds a 10% non-operated stake in the SPDC JV, which is operated by Shell with a 30% interest. The other partners are Eni (5%) and NNPC (55%).

UPDATE: on 25 September 2025, NUPRC withdrew approval for Chappal Energies’ acquisition of TotalEnergies’s SPDC portfolio. The regulator cited unacceptable delays from Chappal to get the deal over the line, and TotalEnergies will now look to find another buyer for the assets. The official removal of ministerial consent was 29 May 2025.

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