NNPC EXECUTES GROUNDBREAKING DEEPWATER CONTRACT WITH TOTALENERGIES
The Nigerian National Petroleum Company (NNPC) Ltd has executed a historic Production Sharing Contract with the TotalEnergies-Sapetro Consortium for deepwater blocks PPLs 2000 and 2001, marking the first comprehensive agreement to cover both crude oil and natural gas exploration in Nigerian waters.
This landmark deal represents the first International Oil Company (IOC) to secure deepwater assets in over a decade, signaling a major breakthrough for Nigeria’s upstream oil and gas sector. TotalEnergies holds an 80% interest while Sapetro maintains 20% in the venture spanning approximately 2,000 square kilometers of offshore territory.
The contract is being hailed as a powerful testament to the success of Nigeria’s Petroleum Industry Act (PIA) 2021 and sends a clear signal to the global investment community about Nigeria’s business readiness. The agreement includes robust gas terms with profit gas provisions that incentivize monetization of non-associated gas resources.
NNPC’s Group Chief Executive Officer Bashir Bayo Ojulari emphasized that this unique PSC represents high-impact prospects that will significantly improve energy security and drive Nigeria’s economic growth through cutting-edge technology and operational excellence.
Source: Authority NGR
