In a strategic move to deepen its investment in Nigeria’s energy sector, TotalEnergies has signed a deal to increase its stake in a promising offshore exploration block. The French energy giant will acquire an additional 50% interest from its partner Conoil, raising its total holding to 90%. This acquisition highlights the company’s strategy of expanding its footprint in the region by leveraging its existing infrastructure for more cost-effective operations. The targeted block, OPL 257, is located 150 km off Nigeria’s coast and is situated near PPL 261, where TotalEnergies discovered the Egina South field in 2005. With an appraisal well already planned for 2026, the deal marks a new phase of exploratory activity. The development also reinforces Nigeria’s key role in TotalEnergies’ global production strategy.
CNBC Africa
