Opkg configuration directory is by deafult /etc/opkg. All .conf files are aggregated to come up with the opkg configuration. A line that starts wit src or src/gz indicate a repo (src/gz indicate the existance of a Packages.gz file, while src the existance of an uncompressed Package index file). After that, you can define a string to identify your repo, followed by a URI. URI's can be http locations or local repos (file:///<path>). In summary, the syntax is:
<src|src/gz> <feed_name> <URI>
Opkg proritizes using the information on the configured arch items also on the conf files on /etc/opkg (arch <name> <priority>). If there are 2 packages with the same version, with the same architecture, then opkg will pick the first one (they should really be the same).
OpenWRT has a decent intro to opkg document at https://wiki.openwrt.org/doc/techref/opkg that could serve you as a guide. Soon, I hope to put together a more thorough explanation of opkg and it's different configuration options.