TotalEnergies Increases Stake in OPL 257 to 90% in Deal with Conoil

French oil giant TotalEnergies has signed an agreement with Conoil to acquire a 50% operating interest in the oil prospect license OPL 257. This transaction raises TotalEnergies' equity shareholding to 90%, leaving Conoil with a 10% stake.

OPL 257 and OML 136 are located offshore Nigeria, with TotalEnergies planning to drill and appraise in 2026. The move reflects TotalEnergies' strategic focus on Nigeria's oil and gas operations and accelerating development opportunities.

The final investment decision is expected by June 2024.