KEY POINTS
- TotalEnergies now owns 90% of OPL 257 after acquiring an extra 50% stake from Conoil, which in turn takes over TotalEnergies’ 40% share in OML 136.
- The company plans to drill an appraisal well in 2026, aiming for faster development of the 2005 PP261 discovery near the Egina FPSO.
- The transaction aligns with TotalEnergies’ strategy to deepen its portfolio of operated offshore assets and sustain long-term investment in Nigeria.
TotalEnergies has strengthened its position in Nigeria’s deepwater portfolio after reaching a new agreement with Conoil Producing Limited that shifts ownership across two offshore blocks.
The French energy group has acquired an additional 50 per cent operated interest in OPL 257, while transferring its 40 per cent stake in OML 136 to Conoil under an asset-swap deal concluded this week.
The arrangement raises TotalEnergies’ holding in OPL 257 to 90 per cent, leaving Conoil with the remaining 10 per cent. Both assets sit offshore Nigeria, an area where the company has been steadily consolidating its position as part of a wider refocus on operated deepwater and gas projects.
According to the statement made available to THISDAY, the agreement is expected to accelerate appraisal and development work on discoveries already identified within OPL 257. The block contains an oil find made in 2005 on PP261, a structure that straddles the acreage and has long been viewed as a candidate for early appraisal once commercial conditions improved.
New deal deepens TotalEnergies’ push to expand operated offshore holdings
TotalEnergies plans to launch an appraisal well in 2026 as part of its next drilling campaign, signalling its intention to move the project towards faster commercial assessment. The company noted that the block’s proximity to Egina offers a potential tie-back opportunity, since the giant FPSO already operating there could be used to process early volumes, reducing both cost and lead time.
Executives at the firm said the latest transaction fits squarely within its strategy to channel investment toward operated assets where it can bring projects to maturity more efficiently, especially in gas and offshore oil. The move follows the final investment decision on the Ubeta gas project in mid-2024 and the company’s entry into PPL 2000/2001 in August 2025, further signalling its long-term commitment to Nigeria’s upstream sector.
The renewed push comes at a time when operators are selectively reshaping portfolios to prioritise assets that promise quicker returns and clearer development pathways. For TotalEnergies, the OPL 257 consolidation is expected to provide just that, while giving the firm greater control over the technical and commercial direction of the block.
