Total Strengthens Stake in Nigerian Oil and Gas

Total has a acquired a 40% stake in a Nigerian Oil Mining Lease (OML) after signing an agreement with Nigerian oil company Conoil.

Conoil holds the remaining 60% stake in OML 136 which covers an area of 1,295km² and lies 60km offshore in water depths of 80m to 300m.

A total of 14 wells have already been drilled in OML 136, producing two large natural gas discoveries, Toju and Akarino.

Total says appraisal of Toju followed by Akarino will determine the block's development potential.

Both parties will jointly conduct additional exploration of the lease, as well as appraisal and development of any discoveries.

Last week Total announced another joint venture in the country with the Nigerian National Petroleum Corporation (NNPC), who launched phase two of the Ofon field project, estimated to produce over 350 million barrels of oil.

By staff writer