TotalEnergies-Conoil.webp
The Digest:

Global energy major TotalEnergies deepens its investment in Nigeria’s oil sector, executing a significant stake swap with Conoil that reshapes interests in two key offshore blocks and accelerates development plans.

Key Points:
  • TotalEnergies acquired a 50% operated interest in the offshore block OPL 257 from Conoil
  • Conoil obtained TotalEnergies’ 40% participating interest in block OML 136
  • TotalEnergies now holds 90% in OPL 257, with Conoil retaining 10%
  • An appraisal well is planned for 2026 to assess a 2005 oil discovery
  • Proximity to the Egina field allows potential tie-back to the existing FPSO infrastructure
  • The move aligns with TotalEnergies’ strategy to focus on operated offshore assets
  • This follows recent projects, including Akpo West start-up and Ubeta FID
As Nigeria strives to attract energy investment, this strategic exchange signals confidence in the nation’s offshore potential and reinforces the steady flow of international capital into its oil and gas future.

Sources: Business Post, Business Day