LAGOS: TotalEnergies (Paris:TTE) (LSE:TTE) (NYSE:TTE), in partnership with South Atlantic Petroleum, has signed a Production Sharing Contract for two offshore exploration blocks in Nigeria, marking the first international license award in the country in over a decade.
The licenses—Petroleum Prospecting Licenses (PPL) 2000 and 2001—were granted following the 2024 Exploration Round conducted by the Nigerian Upstream Petroleum Regulatory Commission. TotalEnergies holds an 80% operating interest, while South Atlantic Petroleum retains the remaining 20%.
Covering approximately 2,000 square kilometers in the West Delta basin, the blocks are considered highly prospective. The initial work program includes drilling one firm exploration well.
“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,” said Kevin McLachlan, senior vice president of exploration at TotalEnergies. “These promising block captures are fully aligned with our strategy of strengthening our exploration portfolio with drill-ready and high-impact prospects.”
The move reinforces TotalEnergies’ long-standing presence in Nigeria, where it has operated for more than 60 years and produced 209,000 barrels of oil equivalent per day in 2024.