French energy company TotalEnergies SE has entered into an agreement with Conoil Producing Limited to acquire a 50% stake in block OPL257. This is reported in the TotalEnergies press release.
As part of the deal, Conoil, in turn, acquires 40% in the OML 136 block from TotalEnergies offshore Nigeria. Upon completion of the deal, TotalEnergies' stake in OPL257 will increase from 40% to 90%, while Conoil will retain 10%.
The OPL 257 block is located 150 km off the coast of Nigeria and is adjacent to the PPL 261 site, where TotalEnergies (24%), together with partners, discovered the Egina South field in 2005. In 2026, it is planned to drill an appraisal well at the OPL257 site as a branch from the Egina FPSO field.
The deal will allow TotalEnergies to begin evaluating the Egina South field as part of its strategy to use production capacity to develop additional resources and existing natural gas and offshore oil assets in Nigeria.
TotalEnergies has been operating in Nigeria for 60 years in various business segments. Nigeria is one of the main countries providing hydrocarbon production to Total Energies, which produced 209,000 barrels per day in 2024. TotalEnergies also operates an extensive distribution network of 540 service stations. TotalEnergies pays special attention to the socio-economic development of the country and strives to work with local communities.
TotalEnergies SE is a French multinational oil and gas company and one of the world's largest energy companies after Royal Dutch Shell, BritishPetroleum and ExxonMobil. TotalEnergie operates 3,000 service stations that serve 1 million customers and 6 million consumers of electricity and gas every day. The headquarters is located in Paris (France) with offices in 120 countries.
Conoil is a Nigerian oil and gas company. Conoil is developing six promising sites in the Inger Delta. The total recoverable oil reserves amount to 400 million barrels and 1.8 trillion cubic feet of gas. The headquarters is located in Abuja, Nigeria.
