Nigeria has signed a significant PSC with TotalEnergies (80%) and Sapetro (20%) for PPL 2000 and 2001, covering ~2,000 sq km in the Niger Delta Basin. This PSC sets a new framework—featuring performance-linked bonuses, cost recovery limits, environmental and community protections, and gas utilization incentives—that aligns with recent industry reforms and signals a new chapter for deepwater upstream development.
The PSC involves two deepwater offshore blocks in the Niger Delta.
It’s the first such PSC in a decade, awarded under the 2024 licensing round.
TotalEnergies leads with an 80% stake; Sapetro holds 20%.
It includes extensive terms aimed at boosting both oil and gas, underpinned by the PIA’s reform framework.
Source: Nigeria: TotalEnergies is Awarded Two Offshore Exploration Permits | TotalEnergies.com