Company founded by General TY Danjuma
● Awarded Oil Prospecting License (OPL) 246
● Entered into partnership with TOTAL and Brasoil to develop OPL 246
● Discovery of Akpo field with first exploration well drilled in the block
● Subsequent four exploration wells discovered: Egina Main, Egina South, Preowei and Kuro fields.
Granted Oil Mining Lease (OML) 130 and thereafter the Federal Government backs in through the Nigerian National Petroleum Corporation (NNPC)
The China National Offshore Oil Company (CNOOC) buys into SAPETRO’s stake in OML 130
Akpo comes on-stream, ahead of schedule
First production achieved from the Egina field
Egina field projected to produce about 200,000 barrels of oil per day- representing about 10% of Nigeria’s production
OML 130 renewed under the Petroleum Industry Act, 2021 and converted to 3 Petroleum Mining Leases (Akpo, Egina and Preowei) and 1 Petroleum Prospecting Licence (Egina South)
Successful bid in the Nigerian 2024 Licensing Round in consortium with TotalEnergies EP Nigeria Limited (TEPNG) for Petroleum Prospecting Licenses (PPLs) 2000 & 2001
● Executed landmark Production Sharing Contract (PSC) for PPLs 2000 & 2001 with TEPNG and NNPC
● PSC is the first to integrate both crude oil and natural gas exploration and production activities from inception