Press Release

South Atlantic Petroleum (SAPETRO) in conjunction with its consortium partner, TotalEnergies EP Nigeria Limited (TEPNG) has executed a landmark Production Sharing Contract (PSC) with Nigerian National Petroleum Company (NNPC) Limited for Petroleum Prospecting Licenses (PPLs) 2000 & 2001. The agreement is the first PSC concluded under the 2024 Licensing Round and marks a significant milestone for SAPETRO and for Nigeria’s upstream sector.

PPLs 2000 & 2001 are located in the prolific West Delta basin and cover an area of approximately 2,000 square kilometres. TEPNG will operate the assets with an 80% contractor interest, while SAPETRO holds 20%. The partners will pursue a value-driven exploration and development plan under the PSC which is the first of its kind in comprehensively integrating both crude oil and natural gas exploration and production activities.

SAPETRO’s priorities on the licences include:

• Value-driven execution: focused on creating long-term value through disciplined exploration and development, strong partnerships and responsible operations.
• Indigenous Capacity Building: deepening Nigerian capability through promotion of indigenous skills development, training and knowledge transfer.
• Sustainability: underpinned by strong HSE practices, compliance with host community development obligations and environmental stewardship in line with the Petroleum Industry Act and international standards.

About SAPETRO
South Atlantic Petroleum (SAPETRO) is a leading Nigerian independent upstream oil and gas exploration, and production company focused on creating value and long-term sustainable growth in sub-Saharan Africa. With production and exploration activities in deep offshore Nigeria, SAPETRO is strategically positioned to broaden its portfolio and enhance its presence in the region.

For further information please contact:
South Atlantic Petroleum (SAPETRO)
Corporate Communications
Tel: +234 1 462 3100
E-mail: info@sapetro.com
www.sapetro.com