Nigeria has signed a production-sharing contract with TotalEnergies and South Atlantic Petroleum for two offshore blocks in the Niger Delta Basin, the Nigerian Upstream Petroleum Regulatory Commission said. The deal covers petroleum prospecting licences 2000 and 2001, awarded in the 2024 licensing round, spanning about 2,000 square km. TotalEnergies holds 80 per cent contractor interest, while Sapetro holds 20 per cent. The agreement, part of Nigeria's new oil framework, includes signature and production bonuses, minimum work guarantees, profit-sharing, and commitments to host community development, as well as environmental safeguards such as decommissioning and remediation funds. Authorities said the deal aims to expand reserves, boost output, and reinforce energy security as the country seeks to attract investment and revitalise its upstream sector. Attribution: Reuters Subediting: M. S. Salama
