The Nigerian National Petroleum Company (NNPC) Plc and TotalEnergies–Sapetro Consortium on Monday signed the Execution of the Production Sharing Contract (PSC).
The signing was sequel to payment of a signature bonus as stipulated in the licensing round and production bonuses and other guidelines by the Nigerian Upstream Petroleum Regulatory Commission (NUPRC).
Speaking at the closing ceremony for the execution of the Production Sharing Contract (PSC) with NNPC Limited and the TotalEnergies–Sapetro Consortium in Abuja on Monday, Commission Chief Executive (CCE) Nigerian Upstream Petroleum Regulatory Commission (NUPRC), Engr. Gbenga Komolafe explained that the signing of the PSC signals the start of a committed work programme that will help unlock the untapped geological potential of our deepwater, expand our reserves, boost production, and strengthen Nigeria’s energy security.
It also affirms our broader vision to make Nigeria the premier destination for upstream investment in Africa.
The two offshore blocks, spanning about 2,000 square kilometres in the prolific Niger Delta Basin, is a direct product of the transparent, competitive, and reform-driven framework introduced under the Petroleum Industry Act 2021 (PIA), Komolafe stated.
TotalEnergies with over 60 years operations in Nigeria holds 80% contractor interest, as well as Sapetro with 30 years operations and holding 20% contractor interest.
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“Recall that the Licensing Round was based on a fair, transparent and competitive bidding process in line with Section 73 of the PIA. It is also noteworthy to commend NNPCL and contractors (TotalEnergies & Sapetro) for their commitment in exploration and production activities in Nigeria. The successes recorded in Egina, Akpo and other assets held or operated by the entities are highly commendable”.
