Nigeria’s state oil company NNPC awarded two offshore oil blocks to TotalEnergies, deepening the French giant’s presence in the country. The move signals Nigeria’s interest in the continued operation of international oil companies in its oil and gas sector.
The licenses cover an area of about 2,000 sq km and are the first to “comprehensively cover both crude oil and natural gas exploration and production,” NNPC said.
Amid a rise in cases of theft and vandalism along Nigerian oil facilities, TotalEnergies was one of a number of oil majors to divest from some Nigerian oil assets over the past year, selling its stake in a field for $510 million to Shell in May. But the new licenses align with the company’s strategy to “grow a high-impact, low-emissions exploration portfolio in our core areas of expertise such as deep water,” TotalEnergies’ Nigeria managing director said.