TotalEnergies Sells 40% Stake in OPL257 to SAPETRO

TotalEnergies has entered into a farm-out agreement to divest a 40 per cent participating interest in offshore block OPL257, Nigeria, to South Atlantic Petroleum Ltd. (SAPETRO). This transaction will initiate an appraisal campaign on the Egina South field, which TotalEnergies intends to develop as a tie-back to its Egina Floating Production Storage and Offloading (FPSO) unit.

Following the completion of the transaction, TotalEnergies will retain a 50 per cent operated interest in OPL257, while SAPETRO will hold 40 per cent and Conoil (NGX: CONOIL) will hold 10 per cent. The block is situated approximately 150 km offshore Nigeria, adjacent to PPL261, where TotalEnergies and its partners discovered Egina South in 2005.

The appraisal campaign on the OPL257 side is expected to commence in the coming months, aimed at supporting the potential development of Egina South, located about 30 km from the Egina FPSO. Mike Sangster, senior vice president of Africa exploration and production at TotalEnergies, expressed satisfaction in partnering with SAPETRO and emphasized the alignment with TotalEnergies' strategy to develop low-cost, low-emission resources.