- TotalEnergies strengthens its Nigerian offshore presence, and this active voice highlights the company’s decisive strategic expansion.
- Conoil restructures its asset portfolio while TotalEnergies advances development, and this active voice emphasises the clarity of their corporate direction.
TotalEnergies has secured a significant agreement that expands its influence in Nigeria’s offshore oil sector. The company will acquire a 50 per cent operating interest in Oil Prospecting Licence (OPL) 257 from Conoil, raising its overall stake from 40 per cent to 90 per cent.
Conoil, in return, will receive TotalEnergies’ 40 per cent participating interest in Oil Mining Lease (OML) 136. This transaction represents a strategic restructuring by both parties. Each company aims to optimise its long-term position within Nigeria’s competitive energy landscape.
Furthermore, the acquisition grants TotalEnergies operational control of OPL 257. The company will handle the block’s expenses and, in turn, gain a proportional share of future revenue. This step marks a crucial advancement in the appraisal and planned development of the Egina South discovery.
The field is expected to be tied back to the existing Egina floating production, storage and offloading (FPSO) vessel, making the project both efficient and cost-effective.
According to the firm’s statement, TotalEnergies will hold 90 per cent of OPL 257 once the deal concludes. Conoil will retain a 10 per cent interest, securing continued involvement. The block spans roughly 370 square kilometres and lies about 150 kilometres offshore. Its position is highly strategic because the Egina South discovery in PPL 261 extends into OPL 257. As a result, the acquisition strengthens development coherence across both blocks.
TotalEnergies plans to drill an appraisal well in 2026. This well will measure reservoir quality, confirm recoverable volumes, and guide the eventual development plan. Moreover, the proposed tie-back to the Egina FPSO, located approximately 30 kilometres away, supports the company’s broader strategy of leveraging existing infrastructure. The approach reduces costs, limits construction requirements, and accelerates first oil production.
Mike Sangster, Senior Vice President for Africa, stressed that the deal aligns with TotalEnergies’ long-term priorities in Nigeria. He noted that the company continues to focus on operating offshore oil and gas assets. He also emphasised that the partnership with Conoil has enabled several successful projects, including progress on the Egina South project.
Ultimately, this agreement reflects TotalEnergies’ confidence in Nigeria’s resource potential. It positions the company to expand output, reinforce operational efficiency, and pursue long-term value. At the same time, it demonstrates how strong industry partnerships can reshape asset portfolios and drive growth within a changing global energy market.