Nigeria has signed a production-sharing contract (PSC) with French oil giant TotalEnergies and local firm South Atlantic Petroleum for two offshore blocks, petroleum prospecting licences 2000 and 2001, in a bid to boost exploration and attract investment under its new oil framework.
The deal covers an area of approximately 2,000 square kilometers in the Niger Delta Basin, with TotalEnergies holding an 80% contractor interest and Sapetro holding 20%.
The contract includes provisions for signature and production bonuses, minimum work guarantees, profit-sharing, and compliance with host community development obligations, as well as environmental safeguards.
Gbenga Komolafe, Chief Executive of the Nigerian Upstream Petroleum Regulatory Commission, said the PSC signals a committed work program that will help unlock Nigeria’s untapped geological potential, expand reserves, boost production, and strengthen energy security.
The contract is expected to contribute to Nigeria’s goal of achieving 3 million barrels per day and attract new investments.
TotalEnergies has been operating in Nigeria for over 60 years, employing over 1,800 people, and contributing significantly to the country’s energy production.
