Nigeria: TotalEnergies, Conoil Sign Deal To Swap Interests In OPL 257 And OML 136

TotalEnergies has signed a deal with Conoil Producing Limited (“Conoil”) to acquire 50% of Conoil’s operated interest in Block OPL 257, while Conoil will acquire TotalEnergies’ 40% participating interest in Block OML 136, both located offshore Nigeria, the company announced in a statement on Thursday.

If the transaction is completed, TotalEnergies’ interest in OPL 257 will rise from 40% to 90%, while Conoil will retain a 10% stake in the block.

Covering an area of about 370 square kilometres, OPL 257 is located 150 kilometres offshore Nigeria’s coast.

The block is adjacent to PPL 261, where TotalEnergies (24%) and its partners discovered the Egina South field in 2005. The field extends into OPL 257.

The company explained that an appraisal well for Egina South is planned for drilling 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 kilometres 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 the 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,” said Mike Sangster, Senior Vice-President Africa, Exploration & Production at TotalEnergies.