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Total Signs PSC for OPL 223 in Nigeria

Source: www.gulfoilandgas.com 7/19/2005, Location: Africa

Total announces that its 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) 223 located offshore southeast Nigeria. OPL 223 lies in water depths of between 200 and 1,000 metres. This licence lies just east of OPL 222 where EPNL, as operator, has made significant commercial discoveries in the Ukot and Usan fields. Both fields are currently under consideration for development.

NNPC is the concession holder on OPL 223 with EPNL as the operator of the permit holding a 90% stake with the Nigerian Petroleum Development Company, a subsidiary of NNPC, holding a 10% participatinginterest. Exploration activities are planned to start soon with the implementation of a seismic survey programme. 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.

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Related Categories: Accounting, Statistics  Acquisitions and Divestitures  Asset Portfolio Management  Economics/Financial Analysis  General  Industrial Development  Insurance  Investment  Mergers and Acquisitions  Risk Management 

Related Articles: Accounting, Statistics  Acquisitions and Divestitures  Asset Portfolio Management  Economics/Financial Analysis  General  Insurance  Investment  Mergers and Acquisitions  Risk Management 


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