TotalEnergies has signed a Farm-Out Agreement to sell to South Atlantic Petroleum Limited ('SAPETRO') a 40% participating interest in offshore block OPL257, Nigeria. Upon completion of this transaction, TotalEnergies will hold a 50% operated interest in OPL257 alongside SAPETRO (40%) and Conoil (10%).
OPL257 is located 150 kms offshore Nigeria. The block is adjacent to PPL261, where TotalEnergies (24%) and its partners, including SAPETRO, discovered the Egina South field in 2005, which straddles both blocks.
An appraisal campaign on the OPL257 side of the field will be undertaken in the coming months to support the potential development of Egina South as a tie-back to the Egina FPSO, located approximately 30 kilometers 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, SVP Africa Exploration & Production at TotalEnergies. 'For TotalEnergies, this is consistent with our strategy to develop low-cost, low-emission resources while leveraging existing facilities.'
Completion of the transaction is subject to customary conditions, including regulatory approvals.
Source: TotalEnergies
