South Atlantic Petroleum Limited (SAPETRO) has entered into a Farm-Out Agreement with TotalEnergies for the acquisition of a 40% participating interest in OPL 257, offshore Nigeria. The transaction represents a strategic addition to SAPETRO’s Nigerian upstream portfolio and builds on its established partnership with TotalEnergies in neighbouring PPL 261.

Upon completion of the transaction, SAPETRO will hold a 40% participating interest in OPL 257, alongside TotalEnergies, which will retain a 50% interest and remain Operator, and Conoil, which holds the remaining 10%.

OPL 257 lies approximately 150 kilometres offshore Nigeria and contains part of the Egina South discovery, which straddles OPL 257 and PPL 261. The field was discovered in 2005 by the PPL 261 partners, including TotalEnergies and SAPETRO.

An appraisal campaign on the OPL 257 portion of Egina South is planned in the coming months to assess its potential for development through a tie-back to Egina FPSO, approximately 30 kilometres away. This approach will make use of existing infrastructure to support a cost-efficient development with lower emissions.

The transaction builds on the longstanding relationship between SAPETRO and TotalEnergies and provides an opportunity to advance the appraisal and potential development of a resource spanning our neighbouring blocks.

“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,” TotalEnergies.

Completion remains subject to customary conditions, including regulatory approvals.