Business · Nigeria · Oil & Gas
TotalEnergies sells SAPETRO 40% of Nigeria’s OPL257 to fast-track the Egina South oil find, untouched since 2005
The farm-out sets up an appraisal well in the coming months. If it succeeds, Egina South would be tied back to the Egina FPSO 30 km away instead of needing a new vessel. No price was disclosed.
LAGOS — TotalEnergies has agreed to sell a 40% stake in Nigeria’s offshore block OPL257 to the Nigerian independent South Atlantic Petroleum (SAPETRO), clearing the way to appraise an oil discovery that has gone undeveloped for more than two decades.
Once the deal closes, TotalEnergies will operate the block with 50%, alongside SAPETRO with 40% and Conoil with 10%, the French company said on Friday. Completion depends on customary conditions, including regulatory approval. Neither side disclosed a price.
A find that crosses two blocks
OPL257 lies 150 km off the Nigerian coast and covers about 370 sq km, Oil & Gas Journal reported. It borders PPL261, where TotalEnergies (24%) and partners including SAPETRO discovered the Egina South field in 2005, in 1,650 m of water. The field straddles both blocks. TotalEnergies became operator of OPL257 after a 2025 asset swap with Conoil, OGJ said.
An appraisal campaign on the OPL257 side will start in the coming months, World Oil reported. If it succeeds, Egina South would be developed as a tie-back to the Egina floating production, storage and offloading vessel about 30 km away, rather than with new standalone facilities. The Egina FPSO has a design capacity of 200,000 barrels a day and storage for 2.3 million barrels. SAPETRO says the project could deliver up to 140 million barrels of reserves, according to OGJ.
“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, TotalEnergies’ senior vice-president for exploration and production in Africa. “For TotalEnergies, this is consistent with our strategy to develop low-cost, low-emission resources while leveraging existing facilities.”
AB24’s reading from Lagos: tie-backs to existing hubs are how the majors are still putting money into Nigeria’s deep water while they sell onshore assets. Watch for approval from the Nigerian Upstream Petroleum Regulatory Commission and the date of the appraisal well. Those, not the change in ownership, will show how quickly Egina South can produce oil.
Sources: TotalEnergies, 30 Oct 2026; Oil & Gas Journal, 30 Oct 2026; World Oil, 30 Oct 2026.
— AB24 · Lagos