TotalEnergies, Conoil signal asset swap deal in Nigerian offshore blocks

TotalEnergies has introduced the signing of agreements with Conoil Producing Restricted for an asset swap involving two offshore blocks in Nigeria.

Below the deal, TotalEnergies will purchase a 50 per cent operated stake in Oil Prospecting Licence 257 from Conoil, whereas Conoil will take over TotalEnergies’ 40 per cent taking part curiosity in Oil Mining Lease 136.

Based on a press release issued by the power agency on Wednesday, with the transaction, TotalEnergies’ holding in OPL 257 will rise from 40 per cent to 90 per cent, leaving Conoil with a ten per cent stake.

OPL 257, which covers about 370 sq. kilometres, lies 150 kilometres off the Nigerian coast.

The block sits subsequent to PPL 261, the place TotalEnergies and its companions found the Egina South subject in 2005.

The sphere extends into OPL 257, and an appraisal effectively is deliberate for 2026. The invention is predicted to be developed as a tie-back to the Egina FPSO, positioned roughly 30 kilometres away.

The assertion quoted the Senior Vice-President Africa, Exploration & Manufacturing at TotalEnergies, Mike Sangster, as saying, “This transaction, constructed on our longstanding partnership with Conoil, will allow TotalEnergies to proceed with the appraisal of the Egina South discovery, a pretty tie-back alternative for Egina FPSO.

“This matches completely with our technique to leverage present manufacturing amenities to profitably develop further assets and to concentrate on our operated fuel and offshore oil property in Nigeria.”

Completion of the deal is topic to regulatory approvals and different customary circumstances.

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