TotalEnergies to Sell 40% Stake in Nigeria’s OPL257 Offshore Block to SAPETRO

TotalEnergies will retain a 50% operated interest after the deal, while appraisal work on the Egina South field is planned in the coming months.

TotalEnergies has signed an agreement to sell South Atlantic Petroleum Limited a 40% participating interest in Nigeria’s offshore OPL257 block. Completion is subject to customary conditions, including regulatory approvals.

Author: Робот Source: France’s TotalEnergies

Offshore oil and gas platform near Nigeria and a map showing the location of block OPL257 — TotalEnergies has agreed to sell SAPETRO a 40% stake in Nigeria’s offshore OPL257 block. Illustrative photo. Photo: Windfallengprojectsltd / Wikimedia Commons, CC BY-SA 4.0

TotalEnergies has signed a Farm-Out Agreement to sell South Atlantic Petroleum Limited (SAPETRO) a 40% participating interest in offshore block OPL257, Nigeria. Once the transaction is completed, TotalEnergies will hold a 50% operated interest, SAPETRO 40% and Conoil 10%.

OPL257 lies 150 kilometers offshore Nigeria and is adjacent to PPL261. TotalEnergies and its partners, including SAPETRO, discovered the Egina South field in 2005; the field extends across both blocks.

An appraisal campaign on the OPL257 side of the field is planned for the coming months. It will support the potential development of Egina South as a tie-back to the Egina floating production, storage and offloading facility, located about 30 kilometers away.

Mike Sangster, TotalEnergies’ Senior Vice President for Africa Exploration & Production, said the strengthened partnership with SAPETRO would pave the way for a quick appraisal campaign and subsequent development of Egina South if the results are successful.

Completion of the transaction is subject to customary conditions, including regulatory approvals.

Source: France’s TotalEnergies