TotalEnergies has strengthened its presence in Nigeria’s offshore oil sector by signing agreements with Conoil Producing Limited to acquire a 50% operated interest in block OPL257, while Conoil acquires the 40% participating interest held by TotalEnergies in block OML136. Following the transaction, TotalEnergies’ stake in OPL257 will rise to 90%, leaving Conoil with the remaining 10%.
OPL257, which includes an oil discovery made in 2005 on PP261, is located offshore and close to the Egina field. TotalEnergies plans to drill an appraisal well in 2026, leveraging existing FPSO infrastructure for rapid resource development.
The transaction aligns with TotalEnergies’ strategy in Nigeria to focus on operated offshore oil and gas perimeters and accelerate development opportunities. Recent initiatives highlighting this strategy include the Ubeta FID in June 2024, the Akpo West start-up in February 2024, and entry into the PPL2000/2001 deepwater exploration in August 2025.
TotalEnergies said the increased stake in OPL257 reflects its commitment to continuous investment in Nigeria and supports the country’s national objectives to attract investment and grow oil production.
