French multinational oil firm TotalEnergies and its partner, South Atlantic Petroleum (20%), have signed a Production Sharing Contract (PSC) for the PPL 2000 and PPL 2001 exploration licenses offshore Nigeria.
TotalEnergies, the operator, holds an 80% stake, while South Atlantic Petroleum holds the remaining 20%.
The agreement follows their selection during the 2024 Exploration Round organized by the Nigerian Upstream Petroleum Regulatory Commission.
PPL 2000 and PPL 2001, covering a combined area of approximately 2,000 square kilometers, are located in the prolific West Delta Basin.
The initial work program includes drilling one firm exploration well.
Commenting on the agreement, Kevin McLachlan, Senior Vice President of Exploration at TotalEnergies, said:
“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.”
“These promising block acquisitions are fully aligned with our strategy of strengthening our exploration portfolio with drill-ready, high-impact prospects that have the potential for low-cost and low-emissions development from new discoveries in our core areas of expertise,” he added.
Source: https://energynewsafrica.com
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