- TotalEnergies increases its interest in OPL257 to 90%.
- The move strengthens the company’s deepwater presence and future development plans.
TotalEnergies has strengthened its offshore development strategy by increasing its share in a major Nigerian oil block. The company signed new agreements with its long-standing partner, Conoil Producing Limited, to restructure their interests in two offshore assets. This move reflects the company’s continued commitment to Nigeria’s deepwater sector.
The agreement grants TotalEnergies a 50% operated interest in OPL257. Conoil, in turn, takes over TotalEnergies’ 40% interest in OML136. Both assets are located offshore in Nigeria and hold significant future potential. Consequently, the transaction reshapes their partnership and aligns with each company’s long-term priorities.
Following the asset swap, TotalEnergies now holds a 90% interest in OPL257, leaving Conoil with the remaining 10%. This shift strengthens TotalEnergies’ position in a block that contains an oil discovery made in 2005 on the PP261 structure.
The field sits across the block boundary and offers promising development opportunities. Additionally, the company plans to drill an appraisal well in 2026 as part of its next drilling campaign. This plan aims for quick appraisal and faster commercial decision-making.
The discovery lies close to the Egina field, which already operates with a large FPSO. Therefore, the proximity allows potential tie-back options that reduce costs and accelerate development timelines. This advantage supports TotalEnergies’ push for efficient offshore expansion.
The transaction also aligns with the company’s broader offshore development strategy in Nigeria. It aims to focus on operated perimeters and advance both offshore oil and domestic gas growth. Furthermore, the company continues to accelerate investment opportunities across various basins.
Recent milestones underline this commitment. The Akpo West project began operations in February 2024. The Ubeta Final Investment Decision followed in June 2024. Additionally, the company secured entry into PPL2000/2001 in 2025 for new deepwater exploration. These achievements, combined with increased ownership in OPL 257, underscore ongoing confidence in Nigeria’s investment climate.
Through its expanding offshore portfolio, TotalEnergies reinforces its long-term commitment to supporting Nigeria’s ambition to attract investment and increase production.