TotalEnergies has signed agreements with its long-standing partner Conoil Producing Limited to acquire a 50 per cent operated interest in block OPL 257.
Conoil also acquired the 40 per cent participating interest held by TotalEnergies in block OML 136.
Both OPL 257 and OML 136 are located offshore Nigeria.
Following this transaction, TotalEnergies’ interest in OPL 257 will reach 90%, leaving Conoil with the remaining 10%.
OPL 257 includes an oil discovery made in 2005 on PP 261, a structure straddling the block.
TotalEnergies plans to drill an appraisal well in 2026 during its next drilling campaign, aiming for swift appraisal. The proximity of the resources to Egina provides an opportunity for resources to be tied back, leveraging the existing FPSO.
This transaction reflects TotalEnergies’ strategy in Nigeria to focus on operated perimeters in gas and offshore oil and to accelerate development opportunities in Nigeria, a statement by the company said.