TotalEnergies has signed a Production Sharing Contract (PSC) with South Atlantic Petroleum (SAPETRO) for two offshore exploration licenses in Nigeria.
Under the deal, TotalEnergies will operate the licenses with an 80% interest, while SAPETRO holds the remaining 20%.
The blocks, PPL 2000 and PPL 2001, were awarded in the 2024 Exploration Round organized by the Nigerian Upstream Petroleum Regulatory Commission.
Located in the prolific West Delta basin, the two licenses span around 2,000 square kilometers. The initial work program commits the partners to drill one 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 of 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,” he added.
TotalEnergies has been present in Nigeria since 1956 and today operates across the oil, gas, and downstream sectors. The company is a leading deepwater operator, with major projects such as Egina, Akpo, Akpo West, and the ongoing Ubeta gas development, while also holding stakes in onshore assets and Nigeria LNG.
