TotalEnergies has expanded its offshore Nigeria footprint after signing new agreements with long-time partner Conoil Producing Limited, strengthening its position in deepwater exploration. The company will acquire a 50% operated interest in OPL257, while Conoil will take over TotalEnergies’ 40% stake in OML136.
With this swap, TotalEnergies’ interest in OPL257 will rise to 90%, leaving Conoil with the remaining 10% stake and consolidating the French major’s control of the block.
OPL257 contains an oil find made in 2005 on PP261, a structure that spans across the acreage. TotalEnergies plans to drill an appraisal well in 2026 during its next deepwater drilling campaign to speed up resource evaluation.
The block’s proximity to the Egina field offers room for a cost-efficient tieback to the existing FPSO, supporting faster development and lower project risk.
The deal underscores TotalEnergies’ strategy in Nigeria to focus on operated offshore oil and gas assets and accelerate project delivery. The company said the transaction “reflects TotalEnergies’ strategy in Nigeria to focus on operated perimeters in gas and offshore oil and to accelerate development opportunities in Nigeria.”
It also aligns with recent milestones such as the Ubeta FID in June 2024, the Akpo West start-up in February 2024, and entry into deepwater PPL2000/2001 exploration in August 2025.
TotalEnergies said these consecutive moves show its “commitment to the country and support to Nigeria’s national objective to attract investments and grow production.” The company continues to position Nigeria as a core hub for long-term upstream growth.
With the latest stake increase in OPL257, the energy major reinforces its role as one of Nigeria’s most active international oil companies, driving deepwater development and production expansion.
