TotalEnergies has strengthened its offshore portfolio with a transaction that will lift its interest in Nigeria’s OPL257 with a 50 per cent stake from 40 per cent to 90 per cent, following agreements with Conoil Producing Limited (“Conoil”).

The swap will see Conoil acquire the 40 per cent participating interest held by TotalEnergies in OML136, while ceding a 50 per cent operated interest in OPL257 to the French energy major.

The deal, which was made known in a statement by the company, mentioned that it significantly expands TotalEnergies’ footprint in the 370-square-kilometre block, located 150 kilometres off Nigeria’s coast, positioning the company to lead upcoming appraisal and development work. Conoil will retain a 10 per cent stake in the acreage.

OPL257 borders PPL 261, where TotalEnergies (24 per cent) and partners discovered the Egina South field in 2005. The field extends into OPL257, and an appraisal well is scheduled for 2026 on the OPL257 side.

TotalEnergies plans to develop the resource as a subsea tie-back to the Egina FPSO, about 30 kilometres away, an approach expected to reduce development costs and accelerate time to first oil.