TotalEnergies Divests 40% Interest In OPL257 Offshore Nigeria

Oil major, TotalEnergies has signed a farm-out agreement to sell a 40 per cent participating interest in offshore block OPL257, Nigeria, to South Atlantic Petroleum Ltd. (SAPETRO).
The deal sets up an appraisal campaign on the Egina South field, which TotalEnergies plans to develop as a tie-back to its Egina FPSO.
Once the transaction closes, TotalEnergies will hold a 50 per cent operated interest in OPL257, with SAPETRO holding 40 per cent and Conoil 10%.
The block lies about 150 km (93 mi) offshore Nigeria, next to PPL261. TotalEnergies (24%) and its partners in PPL261, including SAPETRO, discovered Egina South there in 2005, and the field straddles both blocks.
The appraisal cam...