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– New PSC on Offshore Blocks OPL 2000 and OPL 2001 Spans 2,000 km²
– TotalEnergies (80%) and Sapetro (20%) to Unlock Deepwater Reserves
– Deal Features Bonuses, ESG Safeguards, Community and Gas Commitments
On September 1, 2025, the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) officially signed a Production-Sharing Contract (PSC) with TotalEnergies and South Atlantic Petroleum (Sapetro) for two offshore blocks—OPL 2000 and OPL 2001—spanning approximately 2,000 square kilometres in the Niger Delta Basin, awarded during the 2024 licensing round. TotalEnergies holds an 80% stake, while Sapetro retains 20%. NUPRC CEO Gbenga Komolafe described this as a crucial step toward tapping Nigeria’s deepwater potential, expanding hydrocarbon reserves, enhancing production, and strengthening energy security under Nigeria’s reform-focused framework, anchored by the Petroleum Industry Act (PIA) 2021.
The PSC includes a $10 million signature bonus, production-linked bonuses tied to milestones (e.g., output of 35 million and 100 million barrels), a defined minimum work program with performance guarantees, and structured profit-sharing and cost recovery arrangements—capped at 70%—to ensure revenue flow for the federation. It also embeds robust environmental and social safeguards, including decommissioning and remediation funding, gas utilization to minimize flaring, and obligations for host community development. NNPCL CEO Bayo Ojulari highlighted this PSC as a milestone—blending crude oil and natural gas terms—and emphasized how it lays a solid foundation for Nigeria’s ambition to ramp up crude output to 3 million barrels per day and attract up to $60 billion in sector investment by 2030.
