LE BRIEF

Nigeria: TotalEnergies signs an agreement to sell 40% of OPL257 to SAPETRO and prepare Egina South

LE BRIEF • 2026-11-02

After completion, TotalEnergies would hold 50%, SAPETRO 40% and Conoil 10%. Appraisal of Egina South must precede potential development, with no final investment decision announced.

Original source : Original source

LE BRIEF — Monday, 2 November 2026, consolidated weekend edition By the LE BRIEF newsroom Country : Nigeria Source publication : 30 October 2026 Event : Agreement announced on 30 October 2026, subject notably to regulatory approvals Supplied photograph: offshore production vessel. Illustration; it is not identified here as the Egina FPSO or the Egina South field. Provenance and reproduction rights must be validated before commercial use. French oil group TotalEnergies has announced an agreement to sell a 40% participating interest in offshore block OPL257 to South Atlantic Petroleum Limited (SAPETRO). The transaction is intended to strengthen cooperation between the companies on the development of the Egina South field offshore Nigeria. After completion, the planned ownership of the block will be TotalEnergies 50%, retaining operatorship, SAPETRO 40% and Conoil 10%. Completion remains subject to customary conditions, including regulatory approvals: the signed agreement is not yet a definitively completed transfer. Appraisal before development OPL257 lies approximately 150 kilometres offshore Nigeria. It is adjacent to PPL261, where TotalEnergies and its partners discovered Egina South in 2005. The field straddles both blocks, making coordination between the partners necessary. An appraisal campaign is planned in the coming months to better characterise the resources and prepa...