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Nigerian billionaire Mike Adenuga’s Conoil Producing has signed a landmark agreement to sell 50% of its interest in offshore block OPL257 to global oil giant TotalEnergies, while retaining a 10% stake.
As part of the deal, Conoil will also acquire TotalEnergies’ 40% stake in OML136, strengthening its footprint across Nigeria’s oil blocks and deep-water assets.
OPL257, covering about 370 sq km and located 150 km offshore, includes a significant 2005 oil discovery near the PP261 structure. Once the transaction closes, TotalEnergies will control 90%, leaving Conoil with 10%. Plans are already underway to drill an appraisal well in 2026, advancing the Egina South discovery toward commercial production.
TotalEnergies’ Senior VP for Africa E&P, Mike Sangster, praised the partnership, noting that the deal will accelerate development and deepen collaboration between both companies.
Meanwhile, Conoil continues to expand aggressively — deploying new drilling rigs, boosting production of its Obodo crude blend, and managing six oil blocks across the Niger Delta. The company is solidifying its position as one of Nigeria’s most powerful indigenous players in the upstream sector.
Another major win for Nigeria’s billionaire energy tycoon.
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