- TTE.PA -0.81%
TotalEnergies has signed agreements with its long-time Nigerian partner, Conoil Producing Limited, to acquire an additional 50% interest in offshore exploration block OPL 257, raising its ownership to 90%. Conoil will retain the remaining 10% following regulatory approval.
The transaction strengthens TotalEnergies’ position in Nigeria’s deepwater oil sector, aligning with the company’s strategy to focus on operated offshore and gas assets. The French major aims to leverage existing infrastructure around the nearby Egina field for cost-effective production growth.
As part of the deal, Conoil will acquire TotalEnergies’ 40% stake in block OML 136, while TotalEnergies consolidates control over OPL 257, located about 150 kilometers off the Nigerian coast. The block includes an oil discovery made in 2005 in structure PPL 261, which straddles the concession boundary.
An appraisal well on OPL 257 is planned for 2026 as part of TotalEnergies’ next drilling campaign. The company intends to assess the potential for tiebacks to the Egina Floating Production Storage and Offloading (FPSO) facility, optimizing development costs.
“TotalEnergies remains deeply committed to Nigeria, a key country in our global portfolio,” said a company spokesperson. “This transaction underscores our focus on operated assets and our long-term investment strategy to support Nigeria’s energy growth.”
The move follows a string of milestones for TotalEnergies in Nigeria, including the start-up of Akpo West in early 2024, the Ubeta gas project reaching FID in mid-2024, and new exploration entries in deepwater blocks PPL 2000 and 2001 in 2025. The company produced 209,000 barrels of oil equivalent per day in Nigeria in 2024 and continues to support the country’s goal of attracting investment and boosting production.
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