BAKU, Azerbaijan, November 20. TotalEnergies has signed agreements with Nigeria’s Conoil Producing under which it will raise its operated stake in offshore block OPL257 to 90% while exiting block OML136, Trend reports via the company.
Under the deal, TotalEnergies will acquire Conoil’s 50% operated interest in OPL257. In turn, Conoil will take over the 40% stake TotalEnergies holds in OML136, the company said in a statement. Conoil will retain 10% of OPL257 following completion.
OPL257 covers about 370 square kilometres and lies 150 km off Nigeria’s coast, adjacent to PPL261, where TotalEnergies and partners discovered the Egina South field in 2005. The field extends into OPL257, and an appraisal well is planned for 2026. TotalEnergies expects Egina South to be developed as a tie-back to the Egina FPSO located roughly 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,” said Mike Sangster, Senior Vice-President Africa, Exploration & Production. “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.”
The deal is subject to customary conditions and regulatory approvals, the producer noted.