TotalEnergies, Conoil Set Asset Swap in Nigerian Offshore Oil Blocks

MT Newswires Live11-20

TotalEnergies (TTE) agreed to acquire an additional 50% operated interest in Nigeria's OPL257 block from Conoil Producing, while transferring its 40% stake in OML136 to Conoil.

The deal lifts TotalEnergies' share in OPL257 to 90%, with Lagos-based Conoil holding the remaining 10%.

OPL257 spans about 370 square kilometers and sits 150 kilometers offshore Nigeria, TotalEnergies said Wednesday in a statement. The block border the Egina South field, in which TotalEnergies holds a 24% interest.

An appraisal well at Egina South is scheduled for 2026 on the OPL257 side, with development expected as a subsea tie-back to the Egina floating production, storage and offloading (FPSO) unit, located 30 kilometers away, TotalEnergies said.

Price: 63.85, Change: -1.10, Percent Change: -1.69

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