TotalEnergies agrees Nigerian stake sale to support Egina South appraisal

TotalEnergies ($TTE) signed an agreement to sell a 40% interest in Nigeria’s offshore OPL257 block to South Atlantic Petroleum, known as SAPETRO. Following completion, TotalEnergies would retain a 50% operated interest, with SAPETRO holding 40% and Conoil 10%. The transaction remains subject to regulatory approval and other customary conditions. The announcement did not disclose a sale price or expected financial contribution.

The partners plan an appraisal campaign in the coming months on the OPL257 portion of Egina South, which extends into the neighboring PPL261 block. Successful appraisal could support a connection to the existing Egina production vessel, approximately 30 kilometers away. Aligning partners across the discovery may help advance that development, but the announcement does not establish a final investment decision, construction commitment or production timetable.

Sources:

• totalenergies.com
• RNS via Investegate