Total Inks PSC for Deepwater Block OPL 223 Offshore Nigeria

Total's 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 meters. This license 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% participating interest.

Exploration activities are planned to start soon with the implementation of a seismic survey program.

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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