TotalEnergies has announced a new step in its offshore strategy in Nigeria with the acquisition of an additional operating interest in the OPL257 block. Thanks to a recent agreement with Nigerian firm Conoil Producing Limited, TotalEnergies will increase its share in the block from 40% to 90%.
Strategic exchange in the OPL block257
Under the agreement, TotalEnergies divests its 40% interest in the OML136 block to Conoil, while acquiring an additional 50% in OPL257, which consolidates its operational control over this approximately 370 km² offshore asset, located 150 km off the Nigerian coast.
The OPL257 block is adjacent to PPL261, where the Egina South field was discovered in 2005, a shared reservoir that extends into the new TotalEnergies-controlled asset. The company plans to drill an appraisal well in 2026 on the OPL257 side, with the objective of linking the field to the Egina floating production infrastructure FPSO Egina, located about 30 km away.
This move is in line with TotalEnergies’ global strategy of optimizing its developments by leveraging existing facilities. The connection of new reserves to already operating infrastructures reduces costs, accelerates schedules and improves the profitability of offshore projects.
With more than six decades of operation in Nigeria and an estimated production of 209,000 boe/d in 2024, TotalEnergies continues to strengthen its position as a key player in the country’s oil sector. In addition to its upstream presence, the company operates some 540 service stations, reflecting its comprehensive approach within the Nigerian territory.
The transaction, which is still subject to regulatory approval, also underscores the sustained collaboration between TotalEnergies and local operators such as Conoil, fostering the joint development of energy resources for the benefit of the Nigerian economy.
Source and photo: TotalEnergies