BAKU, Azerbaijan, September 2. TotalEnergies has signed a Production Sharing Contract (PSC) for two offshore exploration blocks in Nigeria, strengthening its long-standing partnership with the country’s energy sector, Trend reports.
The contracts, covering Prospecting Petroleum Licenses (PPL) 2000 and 2001, were awarded following the 2024 Exploration Round organized by the Nigerian Upstream Petroleum Regulatory Commission. TotalEnergies will operate the blocks with an 80% stake, alongside partner South Atlantic Petroleum, which holds the remaining 20%.
The licenses cover an area of roughly 2,000 square kilometers in the prolific West Delta basin. As part of the agreed work program, the partners will drill one firm exploration well.
“TotalEnergies is honored to be the first international company to be awarded exploration licenses in a bid round in Nigeria in more than a decade, marking a new milestone in our long-term partnership with the country,” said Kevin McLachlan, Senior Vice-President Exploration at TotalEnergies. “These promising block captures are fully aligned with our strategy of strengthening our exploration portfolio with drill-ready and high-impact prospects, that have the potential for low-cost and low-emissions developments from new discoveries in our core areas of expertise.”