TotalEnergies has increased its ownership of the Nigerian offshore block OPL 257 to 90 % by acquiring an additional 50 % interest from Conoil. Conoil will retain a 10 % stake in the block and, in exchange, will receive TotalEnergies’ 40 % participating interest in the adjacent block OML 136.
OPL 257 covers roughly 370 square kilometres and lies about 150 km offshore Nigeria. The block sits next to PPL 261, where TotalEnergies and partners discovered the Egina South field in 2005; the discovery extends into OPL 257. An appraisal well is planned for 2026 on the OPL 257 side, with development expected to tie back to the existing Egina FPSO located about 30 km away.
The transaction gives TotalEnergies near‑control of a deep‑water asset that can be developed cost‑effectively by leveraging the Egina FPSO. By consolidating its position in OPL 257 and divesting from OML 136, the company sharpens its focus on operated, low‑cost, low‑emission offshore assets and reduces capital intensity for future production.
Mike Sangster, Senior Vice‑President Africa, Exploration & Production, said the deal will enable the appraisal of the Egina South discovery and provide a “tangible tie‑back opportunity” that fits the company’s strategy to profitably develop additional resources while maintaining a low‑carbon footprint.
TotalEnergies has operated in Nigeria for more than 60 years and employs over 1,800 people. In 2024, Nigerian production contributed 209,000 barrels of oil equivalent per day to the company’s portfolio, underscoring the importance of the country to its upstream business.
The asset swap consolidates TotalEnergies’ deep‑water footprint, de‑risks its investment portfolio, and positions the company to accelerate production in a region that aligns with its broader growth strategy. No market‑reaction data were available at the time of reporting.
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