French energy giant TotalEnergies has expressed keen interest in participating in Nigeria’s upcoming 2025 oil licensing round, building on its success in securing two offshore oil blocks during the 2024 mini-bid round. The company’s President for Exploration and Production, Nicolas Terraz, led a delegation to meet the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) CEO Gbenga Komolafe in Abuja, reaffirming the firm’s long-term commitment to Nigeria’s upstream sector.
Last year, TotalEnergies, in partnership with South Atlantic Petroleum, signed Production Sharing Contracts (PSCs) for Petroleum Prospecting Licenses (PPLs) 2000 and 2001. During the visit, Terraz praised NUPRC for delivering a transparent and credible 2024 mini-bid round, emphasizing that lessons from that process have strengthened investor confidence and set the stage for an even more successful 2025 licensing round beginning December 1.
Terraz highlighted Nigeria’s strategic role in TotalEnergies’ global portfolio, underscoring the company’s readiness to align with NUPRC’s vision for a competitive, transparent, and investment-driven oil and gas industry. “Drawing from the 2024 bid round, the 2025 edition would be positive,” he said, expressing optimism about fresh exploration opportunities and a reform-driven regulatory environment.
NUPRC CEO Gbenga Komolafe reiterated the Commission’s commitment to a predictable and investor-friendly regulatory framework, noting that Nigeria has moved past regulatory ambiguities in its upstream sector. He commended TotalEnergies for its community-focused projects under the Obagi Host Communities Development Trust, emphasizing that Nigeria’s oil sector reforms are designed to attract high-value investments and encourage active participation in new licensing rounds.
Despite global trends shifting towards cleaner energy, Komolafe highlighted Nigeria’s steady progress in the upstream sector. With daily crude production exceeding 1.7 million barrels and a rising rig count of nearly 70, the country continues to attract billions of dollars in Field Development Plans (FDPs). Looking ahead, the NUPRC is committed to boosting daily production by an additional 1 million barrels, with the 2025 licensing round aimed at opening new frontiers and reinforcing Nigeria’s position as Africa’s leading oil producer.
source: Arise