TotalEnergies sells 40% of Nigerian offshore block OPL257 to SAPETRO
TotalEnergies has agreed to sell a 40% stake in the offshore oil block OPL257 in Nigeria to South Atlantic Petroleum, known as SAPETRO, the French energy giant announced on 30 October 2026. The deal covers part of the Egina South oil field, which lies about 150 kilometres off Nigeria’s coast.
Once completed, TotalEnergies will keep a 50% share and stay as operator. SAPETRO will hold 40%, and Nigerian company Conoil will keep the remaining 10%. The sale price was not disclosed, and the deal still needs approval from Nigerian regulators before it becomes final.
OPL257 sits next to block PPL261, where TotalEnergies and its partners, including SAPETRO, discovered the Egina South field in 2005. The field stretches across both blocks, in water about 1,650 metres deep. An appraisal well is planned in the coming months on the OPL257 side to test the field before any decision on developing it.
Why it matters
The plan is to connect Egina South to the existing Egina floating production vessel, known as an FPSO, about 30 kilometres away, rather than building a new one. Using facilities that already exist should make the project cheaper and faster.
SAPETRO says the project has the potential to deliver up to 140 million barrels of oil. That figure is the company’s own estimate, and it depends on the results of the appraisal work, so it is not a confirmed reserve.
The deal also gives a bigger role to a Nigerian company in a deep-water field. Nigeria is one of TotalEnergies’ main oil-producing countries: the company produced 188,000 barrels of oil equivalent per day there in 2025 and employs more than 1,800 people in the country. More offshore output matters for Nigeria, where oil is a major source of government income.
What happens next
Drilling of the appraisal well on the OPL257 side is expected in the coming months. If the results are good, the field would be developed as a tie-back to the nearby Egina FPSO.
Mike Sangster, TotalEnergies’ senior vice-president for Africa exploration and production, said the deal “paves the way for a quick appraisal campaign and subsequent development of Egina South in the success case”. No closing date for the sale or start date for production has been given. The next step is regulatory approval, followed by the appraisal results.
This article is for general information and education only. It is not legal or financial advice.
Sources
- https://totalenergies.com/newsroom/nigeria-totalenergies-farms-down-40-interest-in-offshore-block-opl257/?lang=eng (TotalEnergies, 30 October 2026)
- https://www.ogj.com/general-interest/companies/news/55415576/totalenergies-farms-out-partial-interest-in-operated-block-offshore-nigeria-ahead-of-appraisal (Oil & Gas Journal, 30 October 2026)
- https://xolafrica.com/totalenergies-sells-40-stake-in-nigerian-offshore-oil-block-to-sapetro/ (XolAfrica, 30 October 2026)
