TotalEnergies announced on Wednesday that it had signed agreements with Conoil for the acquisition of a further 50% stake in OPL 257 oil exploration block from its Nigerian partner. This brings its total holding to 90%.

This deal is part and parcel of TotalEnergies efforts to consolidate its position in Nigeria's off-shore oil sector, by taking advantage of existing infrastructures for cost-efficient expansion.

Conoil retains a 10% stake in the company after the transaction, which is still subject to regulatory approval.

TotalEnergies, along with partners, discovered Egina South in 2005. The block is 150 km off the coast of Nigeria and borders PPL 261 where TotalEnergies found this field. A well to assess OPL 257 will be drilled in 2026.

TotalEnergies has been present in Nigeria since 1960 and said that it would produce 209,000 barrels equivalent to oil per day by 2024. Reporting by Benoit van Overstraeten, Isaac Anyaogu and David Goodman.

(source: Reuters)