The Nigerian National Petroleum Company (NNPC) Limited has signed a Production Sharing Contract (PSC) with TotalEnergies-Sapetro Consortium for Petroleum Prospecting Licences (PPLs) 2000 and 2001.
This marks the first deepwater PSC executed under the Petroleum Industry Act (PIA) and covers both crude oil and natural gas exploration and production.
The signing ceremony took place at the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) Headquarters in Abuja.
NNPC Limited Group Chief Executive Officer, Engr. Bashir Bayo Ojulari, described the PSC as unique, highlighting its comprehensive scope and robust gas terms.
The contract includes a profit gas fleet that incentivizes non-associated gas monetization.
Ojulari emphasized NNPC’s commitment to leveraging partnerships and expertise to deepen upstream operations and surpass previous deepwater project successes.
The PSC is for two offshore blocks spanning about 2,000 square kilometers, awarded through a transparent and competitive bid process under the PIA 2021. TotalEnergies will hold an 80% interest, while Sapetro will hold 20%.
Matthieu Bouyer, Managing Director/CEO of TotalEnergies E&P Nigeria Limited, stated that the signing reaffirms TotalEnergies’ commitment to Nigeria, where the company has operated for over 60 years.
