Swap deal could advance Egina South tieback offshore Nigeria

TotalEnergies has signed agreements to exchange interests in two blocks offshore Nigeria with Conoil Producing Ltd. (Conoil).

Pending regulatory approvals, Conoil will transfer a 50% operated stake in Oil Prospecting License 257 (OPL 57), retaining a 10% share. Upon completion, TotaEnergies’ interest in the concession will rise to 90%.

OPL 257, covering a 370-sq-km area 150 km offshore, is adjacent to Petroleum Prospecting License 261, containing an extension of the 2005 discovery Egina South.

There are plans to drill an appraisal well next year on the OPL 257 side, followed by a 30-km subsea tieback to the TotalEnergies-operated Egina FPSO.

In exchange, Conoil will receive TotalEnergies’ 40% share of offshore Oil Mining Lease 135.

“This fits perfectly with our strategy to leverage existing production facilities to profitably develop additional resources and to focus on our operated gas and offshore oil assets in Nigeria,” said Mike Sangster, SVP of Africa, Exploration & Production at TotalEnergies.