- TotalEnergies acquires 50% interest in OPL257 from Conoil.
- Conoil acquires 40% interest in OML136 from TotalEnergies.
- Egina South appraisal well planned for 2026 on OPL257.
- Transaction completion requires regulatory approvals.
Transaction Overview
TotalEnergies has signed agreements with Conoil Producing Limited to acquire a 50% operated interest in block OPL257, located offshore Nigeria. In exchange, Conoil will acquire a 40% participating interest held by TotalEnergies in block OML136.
Stake Changes
Following the transaction, TotalEnergies' interest in OPL257 will increase from 40% to 90%, while Conoil will retain a 10% interest in this block.
Location and Development Plans
OPL257 covers approximately 370 square kilometers and is situated 150 kilometers offshore Nigeria. It is adjacent to PPL 261, where the Egina South field was discovered in 2005. An appraisal well for Egina South is planned for 2026 on the OPL257 side, with development expected as a tie-back to the Egina FPSO, located about 30 km away.
Regulatory Approvals
The completion of this transaction is subject to customary conditions, including obtaining necessary regulatory approvals.
