Nigeria unveils new offshore oil and gas PSCs

Nigeria has launched new terms and conditions for six offshore PSCs in a race to drive up production as the global energy transition moves forward, officials at the Nigerian National Petroleum Corporation announced late last week.

The new PSCs provide additional benefits including improved long-term partnerships with contractors, clearer contractual obligations – particularly in exploration and production of gas – and an option for early contract renewals.

New agreements were signed between the Nigerian National Petroleum Corporation and Eni for its OML 125, Chevron for its OML 128 and OML 132, TotalEnergies for its OML 130 and 138 and ExxonMobil for its OML 133.

The Eni-operated OML 125 contains the Abo field.

The Chevron-operated OML 128 contains the Agbami field. The American super-major’s OML 132 houses the Aparo discovery, which is planned for development alongside Shell’s Bonga South West find in OML 118.

The TotalEnergies-operated OML 130 hosts the Egina and Akpo fields and the Preowei find. The French super-major’s OML 138 contains the Usan field.

The ExxonMobil-operated OML 133 houses the Erha and Erha North fields and the Bosi discovery.

The renegotiated terms are in line with the country’s Petroleum Industry Act ratified in 2021.