Peter Uzoho 

French oil giant, TotalEnergies has signed agreements with its long-standing partner, Conoil Producing Limited to acquire a 50-per cent operated interest in the Oil Prospecting License (OPL) 257 while Conoil acquires the 40 per cent participating interest held by TotalEnergies in Oil Mining Lease (OML)136. 

The transaction has raised TotalEnergies’ equity shareholding in the asset to 90 per cent, leaving Conoil with the remaining 10 per cent.

The international oil company made the announcement in a statement obtained by THISDAY.  Both OPL 257 and OML 136 are located offshore Nigeria.
OPL 257 includes an oil discovery made in 2005 on PP261, 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 opportunity for resources to be tied back, leveraging the existing Floating, Production, Storage and Offloading (FPSO) facility.

The transaction reflects TotalEnergies’ strategy in Nigeria to focus on operated perimeters in gas and offshore oil and to accelerate development opportunities in Nigeria.

With the Ubeta Final Investment Decisions (FID) in June 2024 and entry in the Petroleum Prospecting License (PPL) 2000/2001 offshore exploration in August 2025, the company is strongly committed to its strategy of continuous investments in Nigeria and to growing production.