Total subsidiary Elf Petroleum Nigeria Ltd. has signed an agreement with Nigeria's Conoil Producing Ltd. to acquire a 40% interest in offshore Oil Mining Lease (OML) 136.
Offshore staff
PARIS -- Total subsidiary Elf Petroleum Nigeria Ltd. has signed an agreement with Nigeria's Conoil Producing Ltd. to acquire a 40% interest in offshore Oil Mining Lease (OML) 136. Conoil holds the remaining 60%. The Nigerian authorities have approved the agreement.
Conoil, which began operations in 1990 and operates six permits in the Niger Delta, remains the operator of OML 136, while EPNL will be the technical advisor. The parties will jointly conduct exploration of the lease as well as appraisal and development of any discoveries.
Fourteen wells have been drilled in OML 136 to date, producing two large natural gas discoveries, Toju and Akarino. Plans are in place to appraise Toju and possibly to appraise Akarino as well. Appraisal results will determine the block's development potential.
OML 136 has an area of 1,295 sq km (500 sq mi) and lies 60 km (37 mi) offshore in water depths of 80-300 m (262-984 ft).
