Nigeria has signed a fresh offshore oil deal with TotalEnergies and South Atlantic Petroleum (Sapetro).
The deal covers two deepwater blocks awarded during the 2024 licensing round.
It was announced on Monday by the Nigerian Upstream Petroleum Regulatory Commission (NUPRC).
The contract is a production-sharing agreement for Petroleum Prospecting Licences 2000 and 2001.
The blocks sit in the Niger Delta Basin and span about 2,000 square kilometres.
TotalEnergies holds 80% of the contractor interest. Sapetro holds the remaining 20%.
Deal Targets Deepwater Reserves and Energy Security
NUPRC boss Gbenga Komolafe said the deal will unlock new energy potential.
“This PSC signals the start of a committed work programme,” he said.
“It will help us unlock the untapped geological potential of our deepwater, expand our reserves, boost production, and strengthen Nigeria’s energy security.”
The Niger Delta Basin remains Nigeria’s richest oil zone.
But many deepwater areas are still unexplored or underdeveloped.
The new licences aim to change that.
Experts say the deal could attract more foreign investment and improve Nigeria’s oil output.
It also comes at a time when Nigeria is trying to meet its OPEC production quota and reduce reliance on imported fuel.
TotalEnergies Expands Footprint in Nigeria
TotalEnergies already operates several offshore assets in Nigeria.
This new deal adds to its growing footprint in the country’s energy sector.
Sapetro, a Nigerian firm, has also been active in offshore exploration.
The partnership between the companies is expected to speed up development.
The government wants to increase crude oil production and reduce losses from pipeline theft and underinvestment.
The NUPRC said work will begin soon on the blocks.
Nigeria has struggled with falling oil revenues and rising debt.
Deals like this could help reverse the trend.
Do you think local firms like Sapetro should hold bigger stakes in future oil blocks? Share your thoughts in the Comments Section.
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