The agreement covers exploration permits oil companies 2000 and 2001, awarded during the 2024 licensing cycle, covering about 2,000 square kilometers (772 square miles) in the Delta Basin from Niger. According to the regulator of the upstream sector, TotalEnergies owns a 80% participation as a contractor, while Sapetro in owns 20%.

“This PSC contract marks the launch of a ambitious work program that will help us exploit the potential unexploited geology of our deep waters, to increase our reserves, to stimulate production and strengthen the energy security of Nigeria,” said Gbenga Komolafe, managing director of the Nigerian Upstream Petroleum Regulatory Commission.

The contract provides for clauses relating to signature and production bonuses, commitments minimum work, profit sharing and compliance with obligations development of host communities. It also includes guarantees. environmental, in particular the creation of funds for the dismantling of installations and site rehabilitation.