South Atlantic Petroleum

What South Atlantic Petroleum does

South Atlantic Petroleum Limited (SAPETRO) is a privately held Nigerian independent upstream oil and gas exploration and production company founded in November 1995 by General T.Y. Danjuma. The company holds participating interests in six deepwater offshore assets — PML 2 (Akpo), PML 3 (Egina), PML 4 (Preowei), PPL 261 (Egina South), and the newly awarded PPLs 2000 & 2001 — and operates exclusively through joint venture consortia led by TotalEnergies as operator, alongside NNPC Limited (concessionaire), CNOOC, and Meren 234 Nigeria Ltd. SAPETRO's core technology centers on deepwater drilling in 1,100-2,000m water depths, subsea tieback development to FPSO vessels, reservoir management using water and gas injection enhanced oil recovery, and continuous production optimisation across its producing assets.

SAPETRO generates revenue primarily from its participating-interest share of crude oil production lifted through JV-coordinated offtake schedules and from natural gas sales evacuated via the NNPC-TEPNG Amenam export line to Nigeria LNG (NLNG). The company does not publish product pricing — crude and gas realise international commodity market prices. Its customer base is structurally the JV partnership: TotalEnergies operates and coordinates lifting; NNPC is the regulatory counterparty and gas infrastructure partner; CNOOC and Meren are co-equity holders. As of late 2025, the Akpo and Egina fields have collectively produced over one billion barrels, with Akpo at 700+ MMbbls (peak ~197 kbpd in 2010) and Egina at 300+ MMbbls (peak ~200 kbpd in 2019, representing ~10% of Nigerian production at peak). Preowei (up to 150 MMbbls, up to 65,000 bpd incremental), Egina South (up to 140 MMbbls), and PPLs 2000 & 2001 (500-1,000 MMboe recoverable) constitute the forward growth pipeline, with the latter two still in appraisal / exploration.

SAPETRO's commercial and regulatory strategy centres on Nigeria's deepwater sector under the Petroleum Industry Act 2021 fiscal regime, participating in licensing rounds and securing Production Sharing Contracts. The September 2025 PSC for PPLs 2000 & 2001 was the first to integrate both crude oil and natural gas E&P from inception. The company completed a generational leadership transition in late 2023 and 2024, with founder General Danjuma retiring as Chairman and Senator Daisy Danjuma assuming the Executive Chairman role, alongside the appointment of Chukwuemeke Anagbogu (ex-Shell, 30+ years industry experience) as Managing Director. Headquartered at SAPETRO Towers on Victoria Island, Lagos, the company employs 51-100 staff and operates within a tightly defined JV governance model rather than as an independent operating entity.

Name

South Atlantic Petroleum

Legal name

South Atlantic Petroleum Limited

Website

https://sapetro.com

Company type

Private

Founded year

1995

Operating status

Operating

Headcount range

51–100 employees

Short description

South Atlantic Petroleum (SAPETRO) is a Nigerian independent upstream oil and gas company that holds minority participating interests in deepwater Petroleum Mining Leases offshore Nigeria. It produces crude and gas through joint ventures with TotalEnergies, NNPC, CNOOC, and Meren, and is expanding its acreage under new PIA 2021 production sharing contracts.

Ownership category

akta.pro rank

Product category

Upstream Oil and Gas Exploration & Production

NAICS

Crude Petroleum Extraction (21112), Natural Gas Extraction (21113)

SIC

Crude Petroleum & Natural Gas (1311)

akta.pro primary industry

Offshore E&P (Shallow/Deepwater, Subsea Production Systems) (EUALAAAI)

akta.pro secondary industries

Production Operations & Well Optimization (Artificial Lift, Flow Assurance) (EUALAAAF), Offshore Natural Gas E&P (Shallow & Deepwater) (EUAAAAAF)

Keywords

• Upstream oil exploration
• Deepwater oil production
• Offshore E&P operations
• Natural gas development
• Crude oil extraction

Headquarters

HQ city

Lagos

HQ country

Nigeria

HQ region

Africa

Offices1 record

Markets served

GTM type

B2B

Offering type

Services

Cost components

Operations, Supply Chain

Revenue model

1. Crude Oil Production & Sales: SAPETRO generates revenue through its participating interests in deepwater oil fields (PML 2 - Akpo, PML 3 - Egina, PML 4 - Preowei). The company receives production entitlements based on its equity stake in joint venture operations with TotalEnergies as operator. Crude oil is sold through offtake arrangements with lifting schedules coordinated by the joint venture.
2. Gas Sales: Natural gas produced from Akpo and Egina fields is evacuated via the NNPC–TEPNG JV Amenam gas export line to NLN (Nigerian Liquefied Natural Gas), generating revenue from gas sales.

Go-to-market motion1 record

Distribution channels1 record

Marketing channels3 records

Core offering

South Atlantic Petroleum explores, develops, and produces crude oil and natural gas from deepwater offshore assets in Nigeria. The company holds participating interests in producing assets (Akpo and Egina fields), development-stage asset (Preowei), and appraisal/exploration assets (Egina South, PPLs 2000 & 2001), selling entitlements via joint venture offtake arrangements and gas export infrastructure.

Product overview

South Atlantic Petroleum (SAPETRO) is a Nigerian independent upstream oil and gas exploration and production company operating a portfolio of deepwater assets. The company operates through six upstream assets: Akpo Field (PML 2), Egina Field (PML 3), Preowei Field (PML 4), Egina South (PPL 261), and PPLs 2000 & 2001. SAPETRO holds a 15% participating interest in PMLs 2, 3, 4 & PPL 261 (previously OML 130) in partnership with TotalEnergies (operator), Meren, CNOOC, and NNPC. The company also holds a 20% participating interest in PPLs 2000 & 2001 under a Production Sharing Contract with TotalEnergies and NNPC. Operations span exploration, development, and production activities in deepwater offshore Nigeria, with a strategic focus on continued growth and value creation across Africa's upstream sector.

Differentiator

Problem solved

Functional benefit

Products and services

• Akpo Field (PML 2) Deepwater condensate field located 175km offshore Nigeria in water depths of 1100-1300m, developed via subsea tieback to the Akpo FPSO. First oil achieved in March 2009. Peak production of 197 kbpd (December 2010). Produced over 700 million barrels by December 2025.
• Egina Field (PML 3) Deepwater crude oil field located 200km offshore Nigeria in water depths of 1150-1750m, developed via subsea tieback to the Egina FPSO. Peak production of roughly 200 kbpd (2019), representing about 10% of Nigeria's production. Produced over 300 million barrels by December 2025.
• Preowei Field (PML 4) Deepwater crude oil field located approximately 30 km North of the Egina Field in water depths of 1100-1300m. Currently awaiting Final Investment Decision (FID). Proposed development concept is subsea tieback to the Egina FPSO, with expected incremental production of up to 65,000 bpd and projected reserves of up to 150 million barrels of oil.
• Egina South (PPL 261) Exploration license field located 30 km Southwest of Egina Field at water depth of 1650m. Currently in appraisal phase with proposed development concept of subsea tieback to the Egina FPSO. Potential reserves of up to 140 million barrels of oil.
• PPLs 2000 & 2001 Deepwater exploration blocks awarded in the 2024 Licensing Round, located offshore Nigeria in water depths of 1200-2000m. Acreage spans approximately 1960 sq km with good 3D seismic coverage. First deepwater blocks awarded in Nigeria with commercial terms for both oil and natural gas under the PIA 2021 fiscal regime. Estimated resources of 500-1000 MMboe of potentially recoverable hydrocarbons.

Segments1 record

Ideal customer profiles1 record

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature4 records

Partnerships

Five partnerships are on record, tiered core and secondary.

• TotalEnergies EP Nigeria Limited (TEPNG)coreStrategic or Co-development Partner · 3 September 2025SAPETRO and TEPNG jointly executed a landmark Production Sharing Contract (PSC) with NNPC Limited for PPLs 2000 & 2001 in the 2024 Nigeria Licensing Round. TEPNG holds 80% contractor interest as operator while SAPETRO holds 20%. This is the first PSC integrating both crude oil and natural gas exploration and production activities.
• TotalEnergiescoreStrategic or Co-development PartnerTotalEnergies serves as the operator of SAPETRO's key assets including PMLs 2, 3, and 4 (Akpo, Egina, Preowei fields), PPL 261 (Egina South), and PPLs 2000 & 2001. Through its wholly owned subsidiaries TotalEnergies Upstream Nigeria Limited (TUPNI) and TotalEnergies EP Nigeria Limited (TEPNG), TotalEnergies is one of Nigeria's largest oil and gas producers. Partnership established since 1998, making it SAPETRO's longest-standing strategic partner.
• NNPC LimitedcoreStrategic or Co-development PartnerThe Nigerian National Petroleum Company Limited (NNPC) is an integrated oil and gas company and the concessionaire for SAPETRO's petroleum mining leases and prospecting licenses. NNPC has been SAPETRO's partner since 2005 and is a key stakeholder in all joint venture arrangements, providing access to Nigeria's upstream sector under the Production Sharing Contract framework.
• CNOOCsecondaryStrategic or Co-development PartnerChina National Offshore Oil Corporation, China's largest producer of offshore crude oil and natural gas, holds a participating interest in SAPETRO's deepwater assets (previously OML 130). CNOOC acquired its stake in 2006 and participates in the joint venture alongside TotalEnergies and SAPETRO.
• Meren 234 Nigeria LtdsecondaryStrategic or Co-development PartnerMeren (previously known as Prime 130 Nigeria) has been SAPETRO's partner since 2018 after acquiring the participation interest of asset founding partner Petrobras/Brasoil. Meren participates in the deepwater joint venture assets.

Scale indicators7 records

Recent moves11 records

Expansion highlights3 records

Direct peers

• ND Western Limited: ND Western is a Nigerian independent upstream company and concessionaire of OML 34 (formerly NPDC/Eni asset) producing onshore and shallow offshore Niger Delta. Comparable to SAPETRO as a Nigerian independent with JV participating interests in producing assets; smaller scale and onshore/shallow water focus vs SAPETRO's deepwater.
• Oriental Energy Resources Limited: Oriental Energy is a Nigerian upstream company with participating interests in offshore producing assets including the Ebok field. Comparable as a Nigerian-focused offshore E&P holding JV participating interests; smaller and shallower-water focused than SAPETRO's deepwater OML 130 portfolio.
• Oando Energy: Oando is a Nigerian integrated energy company with upstream production from onshore and offshore assets and midstream/downstream operations. Comparable to SAPETRO as an indigenous Nigerian upstream operator with JV interests and active participation in Nigeria's licensing rounds; Oando operates assets directly while SAPETRO is non-operated, and Oando's portfolio is broader (integrated vs pure upstream).
• Seplat Energy: Seplat is a leading Nigerian independent upstream oil & gas producer listed on the London and Lagos stock exchanges, operating onshore and shallow offshore assets. Comparable to SAPETRO as another indigenous Nigerian E&P with JV partnerships (e.g., with NNPC, Shell, Eni, Mobil) pursuing production growth and consolidation; however, Seplat operates its own assets whereas SAPETRO is non-operated.
• Waltersmith Petroman Oil Limited: Waltersmith is a Nigerian independent upstream producer with assets in the Niger Delta, focused on production optimization and infill drilling. Comparable as a smaller-scale Nigerian indigenous E&P with JV arrangements; significantly smaller than SAPETRO in terms of asset scale and deepwater exposure.
• Shoreline Natural Resources: Shoreline Natural Resources is a Nigerian independent oil & gas company with assets across the Niger Delta and offshore. Comparable as a private Nigerian indigenous E&P with both producing and exploration acreage; less deepwater-tilted than SAPETRO.

Broad incumbents

• Eni (Nigeria operations): Eni is a global supermajor with significant Nigerian offshore operations including operator roles on OMLs and partners in deepwater PSCs. Comparable as a deepwater operator in Nigeria; SAPETRO is a non-operating minority partner whereas Eni typically operates; much larger scale and globally diversified.
• Chevron Nigeria: Chevron is a global supermajor with significant Nigerian deepwater and shallow water operations, including operated JV blocks. Comparable as a deepwater Nigeria JV partner with similar fiscal/PIA exposure; SAPETRO holds much smaller minority interests rather than operating positions.
• TotalEnergies EP Nigeria: TotalEnergies is a global supermajor that operates SAPETRO's core deepwater assets (Akpo, Egina, Preowei, Egina South, PPLs 2000 & 2001) and is one of Nigeria's largest producers. SAPETRO's business model is built around being a participating-interest partner to TotalEnergies rather than competing with it.

Emerging players

• Afentra plc: Afentra is an AIM-listed upstream company focused on acquiring producing and development assets in West Africa, particularly Angola. Comparable as an emerging West African-focused upstream player pursuing IOC farm-ins; SAPETRO has a longer producing track record and is non-listed.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat5 records

Key risks7 records

Key highlights7 records

Customer concentration

• LinkedInlinkedin.com/company/south-atlantic-petroleum-limited
• Facebookfacebook.com/profile.php

Revenue estimate

Valuation estimate

Number of profiles

Profiles12 records

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about South Atlantic Petroleum