TotalEnergies and Conoil Producing Limited have entered into agreements whereby TotalEnergies will purchase a 50% operating interest in block OPL257 from Conoil and Conoil will purchase a 40% participating interest in block OML136, both of which are located offshore in Nigeria. TotalEnergies’ stake in OPL257 would rise from 40% to 90% upon the transaction’s completion, pending to regulatory approval by the Nigerian Upstream Petroleum Regulatory Commission (NUPRC), while Conoil would keep a 10% stake in the block.This is stated in a statement released by TotalEnergies on Wednesday as the company works to bolster its position in Nigeria’s upstream sector. OPL 257, which covers an area of about 370 square kilometers and is situated 150 kilometers offshore the Nigerian coast, is next to PPL 261, where TotalEnergies (24%) and its partners discovered the Egina South field, which extends into OPL257, in 2026. The field is anticipated to be developed as a tie-back to the Egina FPSO, which is located about 30 kilometers away.
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