TotalEnergies has agreed to sell a 40% stake in Nigeria’s offshore OPL257 block to South Atlantic Petroleum Ltd. (SAPETRO). The agreement will support appraisal activities on the Egina South field, which TotalEnergies plans to develop by connecting it to its existing Egina FPSO.
Following completion of the transaction, TotalEnergies will retain a 50% operated interest in OPL257, while SAPETRO will hold 40% and Conoil the remaining 10%. Located about 150 km offshore Nigeria, the block shares the Egina South discovery with the neighbouring PPL261 block, where TotalEnergies and its partners discovered the field in 2005.
The partners plan to begin an appraisal campaign on the OPL257 section of Egina South in the coming months. The results will help determine the field’s development potential, including a possible connection to the Egina FPSO, located approximately 30 km away.
Mike Sangster, Senior Vice President of Africa Exploration and Production at TotalEnergies, said the agreement strengthens the company’s partnership with SAPETRO and will support faster appraisal and potential development of Egina South. He added that the project aligns with TotalEnergies’ strategy of developing lower-cost, lower-emission resources by making use of existing infrastructure.
source: worldoil.com
African Energy Council