TotalEnergies Boosts Stake in Nigerian Offshore Exploration Block

TotalEnergies has signed agreements with Conoil to acquire a further 50% interest in oil exploration block OPL 257 from its Nigerian partner, bringing its holding to 90%, the French group said on Wednesday.

The deal is part of efforts to consolidate TotalEnergies’ position in Nigeria’s offshore oil sector by leveraging existing infrastructure for cost-efficient growth.

Conoil will retain a 10% stake after the deal, which is subject to regulatory approvals.

The block lies 150 km off Nigeria’s coast and borders PPL 261, where TotalEnergies and partners discovered the Egina South field in 2005. An appraisal well on OPL 257 is planned for 2026.

TotalEnergies, present in Nigeria for more than 60 years, said it produced 209,000 barrels of oil equivalent per day in the country in 2024.

(Reuters)