Byline: IDNN Business & Energy Desk
The Federal Government of Nigeria has signed a landmark offshore production-sharing contract with international oil giant TotalEnergies and indigenous firm South Atlantic Petroleum (Sapetro), in a move designed to boost crude oil production and attract new investment into the energy sector.
The agreement, signed in Abuja, covers offshore blocks in deepwater acreage and was facilitated under the framework of the Petroleum Industry Act (PIA). Officials said the deal is expected to improve Nigeria’s oil revenue base while providing fresh momentum for offshore exploration.
Minister of State for Petroleum Resources (Oil), Senator Heineken Lokpobiri, described the deal as a turning point for the country’s petroleum sector.
“This contract aligns with the new legal framework of the PIA and underscores our commitment to creating a stable and attractive environment for investors. It will help Nigeria regain lost ground in global crude oil production,” Lokpobiri said.
Managing Director of TotalEnergies Nigeria, Matthieu Bouyer, said the company remains committed to long-term partnership with Nigeria.
“We are proud to deepen our collaboration with Nigeria through this contract. The resources to be unlocked will contribute significantly to the country’s energy security and revenue generation,” Bouyer stated.
Sapetro, represented by its Executive Vice Chairman, also pledged strong support, stressing that local content remains central to the agreement.
The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) hailed the contract as a milestone that would reduce uncertainty in the oil sector and restore investor confidence.
Analysts say Nigeria’s offshore reserves represent some of the most promising assets in Africa, but policy delays and insecurity have previously stifled growth. The new contract, they argue, could signal the start of renewed energy investment.
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