TotalEnergies has signed new agreements with its long-standing partner, Conoil Protaining Limited, under which Conoil will acquire TotalEnergies’ 40 percent interest in the OML136 block, while TotalEnergies will acquire a 50 percent operated interest in Conoil’s OPL257 block.
Both OML136 and OPL257 are Nigerian offshore assets.
With this deal, TotalEnergies’ stake in OPL257 increases to 90 percent, leaving Conoil with the remaining 10 percent. OPL257 contains a 2005 oil discovery in PP261, a structure that extends the length of the block. TotalEnergies plans to drill an appraisal well in 2026 as part of its next drilling campaign.
The company noted that the proximity of the resources to Aegina creates the possibility of a link using the existing FPSO.
According to TotalEnergies, the transaction aligns with its strategy in Nigeria to focus on operated offshore oil and gas assets and accelerate development opportunities. The company referenced recent moves, including the Ubeta FID in June 2024 and its entry into PPL2000/2001 offshore exploration in August 2025, as evidence of its continued investment in Nigeria.
TotalEnergies added that the commissioning of Akpo West in February 2024, the Ubeta FID, its entry into exploration in PPL 2000/2001 and the increased participation in OPL257 demonstrate its commitment to Nigeria and its support for the country’s drive to attract investment and increase production.
Tribune Online reports that Dr. Mike Adenuga Jr., president of Conoil Protaining, and Patrick Pouyanné, president and CEO of TotalEnergies, recently signed a production agreement on behalf of both companies at TotalEnergies headquarters in La Défense, Paris.
Conoil Prousing, founded by Adenuga, is a leading independent exploration company in Nigeria with a portfolio of oil blocks in the Niger Delta. Recently, Tribune Online reports that the company began exporting a new grade of crude oil (the Obodo blend) from its onshore operations.
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