TOTAL has signed an agreement with Nigerian company Conoil Producing to farm into deep offshore block OPL257 for a 40% interest, leaving Conoil as operator with a 50% interest, while another Nigerian company holds the remaining 10%.
Block OPL257 covers an area of 372sq km and is located some 150km offshore in about 1,600-1,800m water depth. The acreage lies south of block OML130, where the Total-operated Akpo and Egina fields are situated, and north of the Joint Development Zone, which is administered by both Nigeria and Sao Tome and Principe.
No wells have yet been drilled within the licence area. The work commitment for the first exploration period, which ends in 2011, comprises the acquisition and processing of 400sq km of 3D seismic and the drilling of two exploration wells. In the second exploration period (five years) work commitments cover a further 100sq km of 3D seismic and five exploration/appraisal wells.