TotalEnergies agrees to sell 40% stake in Nigeria's OPL257 block to SAPETRO
TTE•TotalEnergies signed an agreement to sell a 40% stake in Nigeria’s offshore OPL257 block to South Atlantic Petroleum (SAPETRO), subject to regulatory approvals. After completion, TotalEnergies will retain 50%, SAPETRO will hold 40% and Conoil 10%.
1. Stake sale agreement
TotalEnergies signed an agreement to sell a 40% stake in Nigeria’s offshore OPL257 block to South Atlantic Petroleum (SAPETRO). Completion remains subject to regulatory approvals. After completion, TotalEnergies will retain a 50% stake, SAPETRO will hold 40% and Conoil will retain 10%.
2. Egina South appraisal
An appraisal campaign is expected to begin in coming months to assess potential development of Egina South through existing infrastructure. The field could be tied back to the Egina floating production, storage and offloading vessel, approximately 30 kilometers away.
