TotalEnergies Expands Nigeria Offshore Portfolio, Acquires 50% Stake in OPL 257 from Conoil
TotalEnergies has struck a major deal with its long-term partner Conoil Producing Limited, acquiring 50% operated interest in OPL 257, while Conoil takes over TotalEnergies’ 40% interest in OML 136. This strategic swap strengthens both companies’ positions in Nigeria’s offshore oil sector.
Key Details:
• OPL 257 & OML 136: Both located offshore Nigeria.
• After the transaction:
• TotalEnergies’ stake in OPL 257 rises to 90%
• Conoil retains 10%
• OPL 257 includes an oil discovery made in 2005 on PP261, with TotalEnergies planning an appraisal well in 2026 to accelerate production evaluation.
• Proximity to Egina FPSO allows efficient tie-back of resources using existing infrastructure.
Strategic Significance:
• TotalEnergies is focusing on operated perimeters in gas and offshore oil, aiming to accelerate development in Nigeria.
• This move complements previous investments:
• Akpo West start-up – Feb 2024
• Ubeta FID – June 2024
• PPL 2000/2001 offshore exploration entry – Aug 2025
• Demonstrates TotalEnergies’ commitment to Nigeria and aligns with the country’s objective to attract investment and grow production.
Bottom Line:
This transaction reinforces TotalEnergies’ role as a key investor in Nigeria’s oil and gas sector, combining strategic asset growth with efficient resource development to boost production and support national energy goals. ⚡
TotalEnergies has struck a major deal with its long-term partner Conoil Producing Limited, acquiring 50% operated interest in OPL 257, while Conoil takes over TotalEnergies’ 40% interest in OML 136. This strategic swap strengthens both companies’ positions in Nigeria’s offshore oil sector.
Key Details:
• OPL 257 & OML 136: Both located offshore Nigeria.
• After the transaction:
• TotalEnergies’ stake in OPL 257 rises to 90%
• Conoil retains 10%
• OPL 257 includes an oil discovery made in 2005 on PP261, with TotalEnergies planning an appraisal well in 2026 to accelerate production evaluation.
• Proximity to Egina FPSO allows efficient tie-back of resources using existing infrastructure.
Strategic Significance:
• TotalEnergies is focusing on operated perimeters in gas and offshore oil, aiming to accelerate development in Nigeria.
• This move complements previous investments:
• Akpo West start-up – Feb 2024
• Ubeta FID – June 2024
• PPL 2000/2001 offshore exploration entry – Aug 2025
• Demonstrates TotalEnergies’ commitment to Nigeria and aligns with the country’s objective to attract investment and grow production.
Bottom Line:
This transaction reinforces TotalEnergies’ role as a key investor in Nigeria’s oil and gas sector, combining strategic asset growth with efficient resource development to boost production and support national energy goals. ⚡
