Conoil Producing, the oil exploration outfit of Nigerian telecom and oil billionaire Mike Adenuga , has agreed to sell a 50 percent operated interest in block OPL257 to global energy company TotalEnergies. The swap deal, structured to create value for both parties, will also allow Conoil to acquire TotalEnergies 40 percent participating interest in block OML136.
Conoil retains 10 percent in OPL257
OPL257, covering roughly 370 square kilometers about 150 kilometers off the Nigerian coast, includes an oil discovery made in 2005 on the adjacent PP261 structure. After the transactionpending regulatory approvals and customary conditionsTotalEnergies will hold a 90 percent stake in OPL257, leaving Conoil with the remaining 10 percent. The block sits next to PPL261, where TotalEnergies and partners discovered the Egina South field in 2005. The company plans to drill an appraisal well in 2026 to move the discovery toward production.