TotalEnergies expands offshore Nigeria portfolio in Conoil asset swap

LAGOS, November 19, 2025 – TotalEnergies has signed agreements with Conoil Producing to acquire a 50% operated interest in Nigeria’s offshore block OPL 257, raising its stake to 90%, the company said on Wednesday.

Conoil will retain a 10% interest in OPL 257 and will in return acquire TotalEnergies’ 40% stake in block OML136. OPL 257 spans around 370 square kilometres and lies 150 kilometres off the Nigerian coast. It neighbours block PPL 261, where the Egina South field, discovered in 2005, extends into OPL 257.

An appraisal well at Egina South is planned in 2026 within OPL 257, with potential development as a tie-back to the Egina FPSO located around 30 kilometres away.

“This fits perfectly with our strategy to leverage existing production facilities to profitably develop additional resources and to focus on our operated gas and offshore oil assets in Nigeria,” TotalEnergies senior vice-president Africa, exploration & production Mike Sangster said.

TotalEnergies has operated in Nigeria for over 60 years and employs more than 1,800 people across its upstream, midstream and downstream activities. The company produced 209,000 boepd in the country in 2024 and operates a retail distribution network with about 540 service stations.

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