Investing.com -- Shell (LON: SHEL ) on Thursday announced plans to acquire TotalEnergies (LON: TTEF )’ stake in an offshore Nigerian oil field for $510 million.

This move will increase Shell’s interest in the Bonga field from 55% to 67.5%.

The acquisition involves the purchase of TotalEnergies’ 12.5% stake in the field’s production-sharing contract.

Shell said that the acquisition is part of its strategy to increase its combined integrated gas and upstream total production by 1% annually through 2030.

The completion of this transaction is contingent on regulatory approval.

Shell anticipates that the deal will be finalized before the end of this year.