NNPC Ltd, Totellegies, know how to perform Landmark PSC for …

● Since partners undertake to increase reserves, local content

[Press Release] The Nigerian National Petroleum Company (NNPC) LTD, in collaboration with the Totellegies Consortium – Sapro, has performed a production sharing contract (PSC) for oil prospecting licenses (PPLS 2000 and 2001, marking a bill of billion in the policy sector in terms of Nigeria.

The event, which took place at the headquarters of Abuja’s Nuprc (Nuprc) headquarters, took place at Abuja, indicates a milestone in the efforts of the federal government to exploit the vast hydrocarburic resources of Nigeria in a responsible and profitable way.

CEO of the group (GCCa) of NNPC Ltd, Engr. Bashir Bayo Ojulari, observed that the significant event represents the first of its kind with perspectives of great impact that will improve energy safety and guide the economic growth of Nigeria.

“This particular PSC is unique in many respects. It is the first PSC that completes its area completely, both crude oil and natural gas. It is the first PSC with robust gas terms including a profit gas fleet that encourages the monetization of the non -associated gas,” he said.

The GCIA stressed that the ceremony not only a signature of the contract, but a powerful testimony of the success of the Petroleum Industry Act (PIA) 2021 and a clear signal for the global investment community according to which Nigeria is actually ready for companies.

Engr. Ojulari, underlined the commitment of NNPC Ltd to exploit this partnership and competence in the deepening of the upstream operations to overcome the successes achieved in previous profound water projects, applying cutting -edge technologies and high operating standards to ensure profitability and commercial sustainability.

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In his observations, Engr. Gbenga Komolafe, CCE of Nuprc, said that the assignment of the two offshore blocks, which covers about 2,000 square kilometers, is a direct product of a transparent, competitive and guided framework by the reform introduced pursuant to Pia 2021.

He also praised nnpc Ltd. and contractors; Totallergies (holding interests of 80%) and knows (holding an interest of 20%), for their commitment to exploration and production activities in the country, citing success in previous activities such as Egina and Akpo.

The CEO/CEO of Totellegies and & P Nigeria Limited, Matthieu Bouyer, described the signature as a reaffirmation of the deep and lasting commitment of Totalentles in Nigeria, where the company has operated for over 60 years.

Bouyer said that the blocks, assigned through an open and transparent offer process, represent the first international oil company (CIO) to guarantee these deep water activities in over 10 years.

The CEO of South Atlantic Petroleum Limited (Sapro), Chukwuemeke Anagbogu, expressed his joy in the partnership, observing that the signature reaffirms the alignment of Sapro with the vision of the government for the use of responsible resources, the progress of local content and inclusive economic progress.

Anagbogu added that the blocks provide a clear path to increase reserves and guarantee long -term production growth, playing a vital role in supporting the creation of value for shareholders, interested parties and the nation.

The PSC includes provisions for signature and production bonuses, a minimum work program defined with guarantees of performance, costs of recovering costs and rules for sharing profits, royalties and taxes, use of gas to reduce flaring and obligations for deactivation, environmental reclamation and development of the host community; All in line with the Pia.

Signed
Nnpc ltd.
Abuja
September 1, 2025

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