TotalEnergies Farms Out Nigerian Exploration Block
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TotalEnergies SE said Friday it had signed an agreement to sell 40 percent in the OPL257 block offshore Nigeria to local player South Atlantic Petroleum Ltd (SAPETRO), as the partners prepare to appraise the Egina South discovery.
TotalEnergies will retain a 50 percent operating stake in OPL257, located 150 kilometers (nearly 95 miles) from shore according to the French company. Nigeria's Conoil PLC owns 10 percent.
The Egina South discovery of 2005 straddles OPL257 and PPL261, where operator TotalEnergies and SAPETRO are already partners.
"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 [floating production, storage and offloading vessel], located approximately 30 kilometers away", TotalEnergies said Friday.
Egina, TotalEnergies' flagship project in Nigeria, has a declared production capacity of 200,000 barrels per day. Egina field is part of PML 2/3/4 Block (formerly OML130), in which operator TotalEnergies and SAPETRO are also co-owners.
"Consolidating our long-term partnership paves the way for a quick appraisal campaign and subsequent development of Egina South in the success case", said Mike Sangster, TotalEnergies senior vice president for African exploration and production.
The transaction needs to clear regulatory approvals and other customary conditions, TotalEnergies said.
Advertisement - Scroll to continueTotalEnergies has divested several assets in Nigeria to refocus its investment in the West African country to offshore oil and operated gas.
On Tuesday TotalEnergies said it had completed the sale of its 10 percent stake in the Renaissance Joint Venture (formerly the SPDC Joint Venture), which owns 18 onshore, swamp and shallow-water Oil Mining Leases in the Niger Delta. Vaaris Resources JVCo Ltd acquired the stake for $800 million.
However, TotalEnergies retains its economic interest in the three Renaissance JV gas licenses that it said account for half of Nigeria LNG's feed gas (OMLs 23, 28 and 77).
Earlier this year TotalEnergies made a final investment decision to proceed with the Ima Gas Development, which would unlock up to 350 million cubic feet per day (MMcfd) of feed gas for Nigeria LNG.
"Once on stream, the Ima field will supply about one-third of the gas required for the ongoing Nigeria LNG train 7 expansion project, which will increase the liquefaction plant capacity from 22 million tons per annum (Mtpa) to 30 Mtpa", TotalEnergies said September 23. Ima is expected to start production 2028. TotalEnergies owns 15 percent in Nigeria LNG.
TotalEnergies had found a new buyer in Vaaris after a previous deal with Chappal Energies Mauritius Ltd fell through.
In late 2025 TotalEnergies completed a separate Nigerian transaction to sell its 12.5 percent stake in OML118, which contains the producing Bonga field, to partners Shell PLC and Eni for $510 million.
Shell got 10 percent, reduced from the initially intended 12.5 percent. Eni exercised its preemption right for 2.5 percent, the parties confirmed in separate statements November 25, 2025.
OML118 contains the Bonga field, which started production 2005 and has a capacity of 225,000 barrels of oil per day, according to operator Shell.
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