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TotalEnergies has agreed to sell a 40% participating interest in offshore block OPL257 to Nigerian independent South Atlantic Petroleum (SAPETRO), bringing a local partner into the asset ahead of an appraisal campaign targeting the Egina South discovery.
Under the farmout agreement signed October 30, TotalEnergies will retain a 50% operating interest, while SAPETRO will hold 40% and Conoil the remaining 10%. Financial terms were not disclosed. Completion is subject to customary conditions, including regulatory approvals.
“Consolidating our prolonged partnership paves the way to a quick appraisal campaign and subsequent research of Egina South in the success case,” said Mike Sangster, TotalEnergies’ Senior Vice-President to Africa Exploration and Production.
Located 150 km offshore Nigeria, OPL257 covers 370 km² and borders PPL261, where TotalEnergies and its partners discovered Egina South in 2005. The discovery extends across the boundary between the two blocks, making appraisal of the OPL257 portion necessary to assess its research possible.
TotalEnergies plans to drill an appraisal well on the block in the coming months. If results support commercial research, the field could be connected to the Egina floating production, storage and offloading (FPSO) vessel, located 30 km away. The tie-back approach would allow the partners to consumption existing production infrastructure rather than build a standalone facility.
The Egina FPSO has a production capacity of 200,000 barrels per day, providing an existing route to market to additional offshore volumes.
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