Total announces that company's Nigerian operating subsidiary, Elf Petroleum Nigeria Ltd (EPNL), has signed a Production Sharing Contract with the Nigerian National Petroleum Corporation (NNPC) for the Oil Prospecting License (OPL) 221 located in southeast Nigeria.
The deep offshore concession lies in water depths of between 200 and 1,000 meters. OPL 221 is in a high potential area just west of the OPL 222 where EPNL, as operator, has made significant commercial discoveries in the Ukot (1998) and Usan (2002) fields. Both fields are currently being considered for development.
While NNPC is the concession holder, EPNL is operator of the permit with a 100% stake. Exploration activities are planned to start immediately with the implementation of a seismic survey programme.
Nigeria is the Africa's largest oil producer and will continue to be so as deepwater discoveries come on stream. The signing of this contract is an additional step that confirms Total's determined growth strategy in Nigeria, and demonstrates its commitment to and confidence in the country's oil and gas industry's development potential.