TotalEnergies has acquired a 50% interest in Nigeria’s deep-water Oil Prospecting Licence (OPL) 257 from Conoil Producing, marking another major upstream investment in Africa’s largest oil producer. The deal strengthens the French energy giant’s offshore footprint.
OPL 257 is located in a high-potential geological zone that has attracted global interest. TotalEnergies’ entry is expected to speed up exploration activity, with seismic studies and appraisal drilling already under consideration.
The acquisition aligns with the company’s strategy to prioritize low-emission, deep-water projects while sustaining profitability during the global energy transition. Nigeria’s regulatory reforms under the Petroleum Industry Act have also improved the investment climate.
Conoil is expected to continue participating in the asset’s development, benefiting from TotalEnergies’ technical expertise and financing capacity. The partnership is seen as a boost for the country’s offshore exploration outlook.
Industry analysts believe the deal may encourage additional offshore investments as Nigeria aims to stabilize output and expand its reserves base.