NNPC, Total Energies, Sapetro Drive Deal to Boost Energy Security and Economic Growth

The Nigerian National Petroleum Company (NNPC) Ltd., in partnership with TotalEnergies and South Atlantic Petroleum (Sapetro), has signed a landmark Production Sharing Contract (PSC) for Petroleum Prospecting Licences (PPLs) 2000 and 2001, covering both crude oil and natural gas exploration and production.

The signing, held at the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) headquarters in Abuja, represents the first PSC of its kind to comprehensively integrate oil and gas development under the framework of the Petroleum Industry Act (PIA) 2021.

Group Chief Executive Officer of NNPC Ltd., Engr. Bashir Bayo Ojulari, said the deal underscores Nigeria’s renewed commitment to energy security, investment growth, and sustainable development. He described the PSC as “a unique model that incentivises gas monetisation and strengthens Nigeria’s competitiveness in the global energy market.”

NUPRC Chief Executive, Engr. Gbenga Komolafe, hailed the agreement as a product of transparency and reform under the PIA, adding that the two offshore blocks spanning 2,000 square kilometres will deepen exploration and unlock long-term value for the nation.

TotalEnergies’ Managing Director, Mr. Matthieu Bouyer, reaffirmed the company’s long-standing commitment to Nigeria, noting that the assets mark the first deepwater awards to an international oil company in over a decade. Similarly, Sapetro’s Managing Director, Mr. Chukwuemeke Anagbogu, said the partnership aligns with Nigeria’s vision for responsible energy development, local content growth, and inclusive economic progress.

The PSC framework includes work programme obligations, production bonuses, fiscal provisions, and strong commitments to environmental stewardship, host community development, and gas utilisation to curb flaring reflecting Nigeria’s drive for sustainable growth in its oil and gas sector.