TotalEnergies has signed agreements with its long-standing partner, Conoil Producing Limited, to acquire from Conoil a 50 percent operated interest in block OPL257 while Conoil acquires the 40 percent participating interest held by TotalEnergies in block OML136.

Both OPL 257 and OML 136 are located offshore Nigeria.

Following this transaction, TotalEnergies’ interest in OPL257 will reach 90 percent, leaving Conoil with the remaining 10 percent.

OPL 257 includes an oil discovery made in 2005 on PP261, a structure straddling the block. TotalEnergies plans to drill an appraisal well in 2026 during its next drilling campaign, aiming for swift appraisal.

The proximity of the resources to Egina provides opportunity for resources to be tied back, leveraging existing FPSO.

This transaction reflects TotalEnergies’ strategy in Nigeria to focus on operated perimeters in gas and offshore oil and to accelerate development opportunities in Nigeria.

With the Ubeta FID in June 2024 and entry in PPL2000/2001 offshore exploration in August 2025, the company said its strongly committed to its strategy of continuous investments in Nigeria and to growing production.

The Akpo West start-up in February 2024, Ubeta FID in June 2024, entry into PPL 2000/2001 deepwater exploration in Aug 2025 and this increase of stakes on OPL257 highlight TotalEnergies commitment to the country and support to Nigeria’s national objective to attract investments and grow production. (BusinessDay)