TotalEnergies is acquiring a 50% operated interest in block OPL257 from Conoil, increasing its stake to 90%, while Conoil retains 10% interest.

Information on the Target

TotalEnergies is set to acquire a 50% operated interest in block OPL257 from Conoil Producing Limited ("Conoil"). Following this acquisition, TotalEnergies’ ownership in OPL257 will increase from 40% to 90%, while Conoil will maintain a 10% interest in the block. OPL257 spans approximately 370 square kilometers and is located 150 kilometers offshore Nigeria, adjacent to block PPL 261, where TotalEnergies and partners discovered the Egina South field in 2005.

The Egina South field, which extends into OPL257, is poised for development, with plans for an appraisal well to be drilled in 2026. This well will facilitate assessing the potential of the Egina South discovery, which is expected to be developed as a tie-back to the Egina Floating Production Storage and Offloading (FPSO) unit, situated about 30 kilometers away.

Industry Overview in Nigeria

Nigeria's energy sector, particularly the oil and gas industry, plays a crucial role in the country’s economy, contributing significantly to its GDP and export revenues. The country is home to substantial oil reserves, making it one of Afr