SAPETRO Acquires 40% Stake in Nigeria’s Offshore OPL257 from TotalEnergies

TotalEnergies has entered into a farm-out deal to divest a 40% stake in Nigeria’s offshore OPL257 block to South Atlantic Petroleum Ltd. (SAPETRO). The agreement paves the way for an appraisal project on the Egina South field, which TotalEnergies intends to connect directly to its nearby Egina FPSO.

Upon finalization of the deal, TotalEnergies will retain a 50% operating interest in OPL257, alongside SAPETRO’s 40% share and Conoil’s 10%. Located roughly 150 km (93 mi) off the Nigerian coast, the block borders PPL261. The Egina South field, initially discovered in 2005 by TotalEnergies (holding a 24% stake) and its PPL261 partners (including SAPETRO), spans across both blocks.

Appraisal work on OPL257’s portion of the field is scheduled to launch in the near future. The operation aims to evaluate the feasibility of linking Egina South back to the Egina FPSO, situated approximately 30 km (19 mi) from the site.

Mike Sangster, TotalEnergies’ Senior Vice President of Africa Exploration and Production, expressed enthusiasm about strengthening ties with SAPETRO across both OPL257 and PPL261. He noted that reinforcing this collaboration enables a swift appraisal process and potential follow-up development, aligning with the company’s focus on unlocking low-cost, low-emission assets through existing infrastructure.

The agreement remains subject to standard closing requirements and regulatory clearances.