TotalEnergies makes deal to support fast development of block offshore Nigeria
TotalEnergies says that it has signed a farm-out agreement to sell to South Atlantic Petroleum Limited (SAPETRO) a 40% participating interest in block OPL257, offshore Nigeria.
Upon completion of this transaction, TotalEnergies will hold a 50% operated interest in OPL257 alongside SAPETRO (40%) and Conoil (10%).
OPL257 is located 150 kilometers offshore Nigeria. The block is adjacent to PPL261, where TotalEnergies (24%) and its partners, including SAPETRO, discovered the Egina South field in 2005, which straddles both blocks.
An appraisal campaign on the OPL257 side of the field will be undertaken in the coming months to support the potential development of Egina South as a tie-back to the Egina FPSO, located approximately 30 kilometers away.
Mike Sangster, SVP Africa Exploration & Production at TotalEnergies, said: “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. For TotalEnergies, this is consistent with our strategy to develop low-cost, low-emission resources while leveraging existing facilities.”
Completion of the transaction is subject to customary conditions, including regulatory approvals.
About the Author
Bruce BeaubouefBruce Beaubouef
Senior Lead Reporter / Managing Editor
Bruce Beaubouef is Managing Editor for Offshore magazine. In that capacity, he plans and oversees content for the magazine; writes features on technologies and trends for the magazine; writes news updates for the website; creates and moderates topical webinars; and creates videos that focus on offshore oil and gas and renewable energies. Beaubouef has been in the oil and gas trade media for 25 years, starting out as Editor of Hart’s Pipeline Digest in 1998. From there, he went on to serve as Associate Editor for Pipe Line and Gas Industry for Gulf Publishing for four years before rejoining Hart Publications as Editor of PipeLine and Gas Technology in 2003. He joined Offshore magazine as Managing Editor in 2010, at that time owned by PennWell Corp. Beaubouef earned his Ph.D. at the University of Houston in 1997, and his dissertation was published in book form by Texas A&M University Press in September 2007 as The Strategic Petroleum Reserve: U.S. Energy Security and Oil Politics, 1975-2005.
