TotalEnergies has signed an agreement to sell a 40% participating interest in Nigeria's OPL257 offshore block to South Atlantic Petroleum (SAPETRO), ahead of an appraisal campaign targeting the potential development of the Egina South oil discovery.
Upon completion of the transaction, TotalEnergies will retain a 50% operated interest in the block, alongside SAPETRO with 40% and Conoil with 10%, the company announced on October 30.
Located approximately 150 kilometers offshore Nigeria, OPL257 is adjacent to PPL261, where TotalEnergies and its partners, including SAPETRO, discovered Egina South in 2005.
The discovery extends across both blocks, with TotalEnergies holding a 24% interest in PPL261.
An appraisal campaign on the OPL257 side of the field is planned for the coming months to assess the potential development of Egina South as a tie-back to the existing Egina FPSO, located approximately 30 kilometres away.
“Consolidating our long-term partnership paves the way for a quick appraisal campaign and subsequent development of Egina South in the success case.
“For TotalEnergies, this is consistent with our strategy to develop low-cost, low-emission resources while leveraging existing facilities,” said Mike Sangster, SVP Africa Exploration & Production at TotalEnergies.
The transaction remains subject to customary conditions, including regulatory approvals
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