TotalEnergies Divests 40% Interest in Nigeria’s OPL257 to SAPETRO
French energy giant TotalEnergies has agreed to sell a 40% participating interest in offshore block OPL257 to South Atlantic Petroleum Limited (SAPETRO), the company announced today.
Under the terms of the Farm-Out Agreement, TotalEnergies will retain a 50% operated interest in the block. Indigenous exploration and production company SAPETRO will hold 40%, while Conoil maintains its existing 10% stake.
The deepwater OPL257 block is located approximately 150 kilometres off the Nigerian coast and lies adjacent to PPL261. In 2005, TotalEnergies and its partners—including SAPETRO—discovered the Egina South field, a resource structure that straddles the boundary between both blocks.
An appraisal campaign on the OPL257 side of the field is scheduled to begin in the coming months. If successful, the appraisal will pave the way for developing Egina South as a subsea tie-back to the Egina Floating Production Storage and Offloading (FPSO) vessel, situated roughly 30 kilometres away.
“TotalEnergies is pleased to have SAPETRO as a partner in OPL257 as well as in the adjacent PPL261 block. Consolidating our long-term partnership paves the way for a quick appraisal campaign and subsequent development of Egina South in the success case,” said Mike Sangster, Senior Vice President of Africa Exploration & Production at TotalEnergies.
Sangster noted that the transaction aligns with the company’s global strategy to prioritise low-cost, low-emission resources by leveraging nearby active infrastructure.
The completion of the deal remains subject to standard closing conditions and regulatory approvals from Nigerian authorities. Nigeria’s US Dollar Bonds Dumped as 10-Year Yield Surges to 8%
