By Christie U. Omonigho
Energy Window International (Media) – TotalEnergies has just announced that it has signed agreements with Conoil Producing Limited (“Conoil”), under which condition it will acquire from Conoil a 50% operated interest in block OPL257 and Conoil will acquire the 40% participating interest held by the French major in block OML136, both located offshore Nigeria.
Upon completion of this transaction according to TotalEnergies email statement to Energy Window International (Media), its interest in OPL257 would 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 says the French major, is adjacent to PPL 261, where it (TotalEnergies) (24%) and its partners discovered, in 2005, the Egina South field which extends into OPL257. An appraisal well of Egina South is planned to be drilled in 2026 on OPL257 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”, says Mike Sangster, Senior Vice-President Africa, Exploration & Production.
However completion of the transaction is subject to customary conditions, including regulatory approvals.
TotalEnergies has been present in Nigeria for more than 60 years and employs more than 1,800 people across different business segments. It said Nigeria is one of the main contributing countries to its hydrocarbon production with 209,000 boe/d produced in 2024. It also operates an extensive distribution network which includes about 540 service stations in the country.