TotalEnergies, E. Guinea push new frontiers

TotalEnergies (TTEp) is preparing a major drilling campaign offshore Nigeria centered on the Akpo Far East exploration well. The company plans to mobilize a rig in the second half of 2026 to begin the program, which is intended to support production growth in a key deepwater area.

The Akpo Far East prospect is estimated to hold about 144 million barrels of oil equivalent. The well is part of a broader strategy by the operator to sustain and potentially expand output from Nigeria’s offshore sector at a time when existing fields are seeing lower production.

By committing to a sizeable exploration target in Akpo Far East, TotalEnergies (TTEp) is positioning itself to tap additional resources from Nigeria’s established deepwater basin. The upcoming drilling campaign underscores continuing interest from international oil companies in large-scale offshore projects.

Production from seven deepwater leases in Nigeria operated by international oil companies has declined. Combined output from these assets averaged 352,000 barrels per day in the first four months of 2026, representing a 20% decrease compared with the same period a year earlier.

The fall in volumes from these offshore leases highlights the maturing profile of existing projects. It also provides the backdrop against which new exploration and drilling, such as the Akpo Far East well, are being advanced to help offset declines.

This trend in Nigerian deepwater output is significant for both operators and the host government, as deepwater oil contributes materially to the country’s export revenues. The current production data underlines the urgency of bringing new resources onstream.

Equatorial Guinea’s oil ministry has announced that 13 oil blocks are now available for direct negotiations with interested companies. The move marks a change from a previously planned licensing round and is aimed at stimulating investment in the country’s upstream sector.

Among the available acreage, four blocks are designated as frontier exploration blocks. These areas are considered less explored and could offer new hydrocarbon potential for international investors willing to undertake higher-risk exploration.

By opting for direct negotiations instead of a formal bid round, Equatorial Guinea is adjusting its approach to attract explorers and developers. The shift is intended to support increased exploration activity and potentially expand the country’s resource base.

The combination of TotalEnergies’ planned drilling in Nigeria and Equatorial Guinea’s open blocks illustrates how major and independent oil companies are being presented with new frontier and near-field opportunities in West Africa.

In Nigeria, the emphasis is on reinforcing production in a mature deepwater province through targeted exploration such as Akpo Far East. In Equatorial Guinea, the focus is on opening underexplored blocks and encouraging customized negotiations to draw in capital and expertise.

Together, these developments highlight how host governments and international operators are responding to declining output from existing fields by advancing fresh offshore exploration efforts across the region.