Finance
TotalEnergies to boost stake in Nigerian offshore oil exploration block
Published by Global Banking & Finance Review®
Posted on November 19, 2025
1 min readLast updated: January 20, 2026
Global Banking & Finance Review®
Company
Published by Global Banking & Finance Review®
Posted on November 19, 2025
1 min readLast updated: January 20, 2026
TotalEnergies acquires an additional 50% stake in Nigeria's OPL 257, increasing its holding to 90%, with plans for an appraisal well in 2026.
PARIS (Reuters) -TotalEnergies has signed agreements with Conoil to acquire a further 50% interest in oil exploration block OPL 257 from its Nigerian partner, bringing its holding to 90%, the French group said on Wednesday.
The deal is part of efforts to consolidate TotalEnergies' position in Nigeria's offshore oil sector by leveraging existing infrastructure for cost-efficient growth.
Conoil will retain a 10% stake after the deal, which is subject to regulatory approvals.
The block lies 150 km off Nigeria's coast and borders PPL 261, where TotalEnergies and partners discovered the Egina South field in 2005. An appraisal well on OPL 257 is planned for 2026.
TotalEnergies, present in Nigeria for more than 60 years, said it produced 209,000 barrels of oil equivalent per day in the country in 2024.
(Reporting by Benoit Van Overstraeten and Isaac AnyaoguEditing by David Goodman)
Offshore oil exploration involves searching for oil and gas deposits beneath the ocean floor, typically using specialized drilling techniques and equipment.
An appraisal well is a type of exploratory well drilled to assess the size and quality of an oil or gas reservoir after initial discovery.
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