KEY POINTS
- TotalEnergies has acquired an additional 50 percent stake in OPL 257 and now controls 90 percent of the offshore block.
- Conoil has taken over TotalEnergies’ 40 percent interest in OML 136 as part of a reciprocal asset swap.
- TotalEnergies plans a 2026 appraisal well and sees the deal as part of a broader push to consolidate its operated portfolio and grow production in Nigeria.
TotalEnergies has moved to deepen its presence in Nigeria’s offshore oil sector after signing a set of asset-swap agreements with Conoil Producing Limited, strengthening its control of one major block while relinquishing its position in another.
The two companies confirmed the deal on Wednesday, with TotalEnergies acquiring an additional 50 percent operated interest in Oil Prospecting Licence 257.
In return, Conoil has taken over the 40 percent interest previously held by TotalEnergies in Oil Mining Lease 136. Both assets sit offshore in Nigerian waters and have long been part of collaborative ventures between the two firms.
Company steps up investment push as it consolidates operated assets
The latest transaction lifts TotalEnergies’ holding in OPL 257 to 90 percent, leaving Conoil with the remaining 10 percent. The block contains an oil discovery made in 2005 at PP 261, lying across structures within the acreage.
The French energy major plans to drill an appraisal well in 2026 as part of its next offshore campaign, aiming to bring clarity on the commercial viability of the find.
Executives said the field’s proximity to the Egina development could allow for a tie-back arrangement, reducing the cost and lead time needed to bring new volumes onto the floating production, storage and offloading vessel already operating in the area.
TotalEnergies described the deal as aligned with its strategy of prioritising operated acreage in gas and offshore oil, while accelerating projects that can quickly add to Nigeria’s output. The company has been expanding its portfolio in the country over the past two years, including the Ubeta final investment decision in June 2024 and its entry into the deepwater PPL 2000 and 2001 blocks in August 2025.
Company officials said these steps, together with the start-up of Akpo West earlier in 2024, form part of a long-term commitment to sustaining investment in Nigeria and supporting the government’s ambition to attract capital and lift production levels.
