The Nigerian National Petroleum Company, NNPC Ltd, TotalEnergies and South Atlantic Petroleum Limited, Sapetro, have signed a Production Sharing Contract, PSC, for Petroleum Prospecting Licences, PPLs, 2000 and 2001.
The signing, which took place at the Nigerian Upstream Petroleum Regulatory Commission, NUPRC, Headquarters in Abuja on Monday, signifies a major milestone in the Federal Government’s efforts to harness Nigeria’s vast hydrocarbon resources responsibly and profitably.
In a statement, NNPC Ltd noted that the move marks a significant step in Nigeria’s upstream oil and gas sector as the first of such PSC to comprehensively cover both crude oil and natural gas exploration and production.