TotalEnergies has signed agreements with Conoil Producing Limited, under which TotalEnergies is to acquire from Conoil a 50% operated interest in block OPL257 and Conoil is to acquire the 40% participating interest held by TotalEnergies in block OML136, both located offshore Nigeria.
Upon completion of this transaction, TotalEnergies’ interest in OPL257 will be increased from 40% to 90%, while Conoil will retain a 10% interest in this block.
Covering an area of around 370 square kilometers, OPL 257 is located 150 kilometers offshore the coast of Nigeria. This block is adjacent to PPL 261, where TotalEnergies (24%) and its partners discovered in 2005 the Egina South field, which extends into OPL 257. An appraisal well of Egina South is planned to be drilled in 2026 on the OPL 257 side, and the field is expected to be developed as a tie-back to the Egina FPSO, located approximately 30 km away.
This transaction, built on our longstanding partnership with Conoil, will enable TotalEnergies to proceed with the appraisal of the Egina South discovery, an attractive tie-back opportunity for Egina FPSO.
This fits perfectly with our strategy to leverage existing production facilities to profitably develop additional resources and to focus on our operated gas and offshore oil assets in Nigeria, saidMike Sangster, Senior Vice-President Africa, Exploration & Production at TotalEnergies.
Completion of the transaction is subject to customary conditions, including regulatory approvals.
