Nigeria Inks Major Deepwater Deal with TotalEnergies to Boost Energy Security

Nigeria has cemented a significant new partnership with energy giant TotalEnergies to develop its deepwater oil potential. The production-sharing contract, which includes local firm South Atlantic Petroleum (Sapetro), covers two major offshore blocks spanning approximately 2,000 square kilometers in the Niger Delta Basin.

Under the agreement, TotalEnergies will hold an 80% contractor interest, spearheading the exploration efforts. This landmark deal, a key outcome of the 2024 licensing round, initiates a committed work program aimed at unlocking significant oil and gas reserves. Officials state this strategic move is designed to significantly expand Nigeria’s oil reserves, boost national production, and fortify the country’s long-term energy security.

CNBC Africa