Nigeria Signs Offshore Oil Contract with TotalEnergies
In the context of an energy transition and a decline in funding directed at the oil sector, Nigeria, the largest oil producer in Africa, is striving to revitalize its extraction industry. The country has signed a production-sharing agreement with the French group TotalEnergies and the local company South Atlantic Petroleum (Sapetro) to exploit two offshore blocks in the depths of the Niger Delta.
This partnership, according to Reuters, comes within the framework of Nigeria’s new oil legal system, which aims to attract foreign investments despite increasing international pressures in favor of renewable energy.
Under the agreement, TotalEnergies holds an 80% stake in the project, while Sapetro retains 20%. The contract also includes a signing bonus, a profit-sharing mechanism, environmental guarantees, and commitments to local community development.
