Gold prices briefly hit record high over $3,500/oz on fiscal, tariff concerns
PARIS - TotalEnergies (NYSE:TTE) and its partner South Atlantic Petroleum have signed a Production Sharing Contract for two offshore exploration licenses in Nigeria, the company announced Tuesday in a press release.
The PPL 2000 and PPL 2001 licenses, covering approximately 2,000 square kilometers in the West Delta basin, were awarded following Nigeria’s 2024 Exploration Round organized by the Nigerian Upstream Petroleum Regulatory Commission. TotalEnergies will operate the blocks with an 80% stake, while South Atlantic Petroleum holds the remaining 20%.
The work program for the licenses includes drilling one exploration well, according to the company statement.
"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 Exploration at TotalEnergies.
The French energy company has maintained operations in Nigeria for over 60 years and currently employs about 1,800 people across various business segments in the country. Nigeria contributes 209,000 barrels of oil equivalent per day to TotalEnergies’ hydrocarbon production in 2024. The company also operates approximately 540 service stations throughout Nigeria.
TotalEnergies describes the newly acquired blocks as "promising" with "drill-ready and high impact prospects" in its core areas of expertise, according to the press release.
This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.