TotalEnergies to become operator of block offshore Nigeria

TotalEnergies SE and Conoil have signed agreements to exchange interests in certain leases offshore Nigeria.

TotalEnergies SE will acquire 50% operating interest in block OPL257 from Conoil, and Conoil will acquire 40% participating interest in block OML136 from TotalEnergies.

With the deal, TotalEnergies increases its stake in OPL257 to 90% from 40%. Conoil will retain 10% interest in the block.

OPL 257 lies 150 km offshore Nigeria and covers an area of about 370 sq km. This block is adjacent to PPL261, where TotalEnergies discovered in 2005 Egina South oil field, which extends into OPL257.

Drilling of an Engina South appraisal well is planned in 2026 on the OPL257 side. The field is expected to be developed as a tie-back to the Egina FPSO about 30 km away.

Completion of the transaction is subject to customary conditions, including regulatory approvals.