NNPC Signs Landmark PSC for Deepwater Blocks in Nigeria

The Nigerian National Petroleum Company Limited, in partnership with a consortium, signed a significant Production Sharing Contract (PSC) for deepwater blocks related to Petroleum Prospecting Licences from 2000 and 2001. This contract, signed at the headquarters of the Nigerian Upstream Petroleum Regulatory Commission in Abuja, is the first of its kind to comprehensively cover both crude oil and natural gas exploration and production.

The agreement includes robust gas terms, incentivizing gas monetization, in line with the Petroleum Industry Act 2021. This landmark deal is seen as a positive signal for investors, showcasing Nigeria's openness for business in the oil and gas sector.