A big boost for Nigeria’s oil and gas production could be on the way, after Conoil and TotalEnergies signed a major production deal in Paris.
The agreement was formally sealed on Friday at TotalEnergies’ headquarters in La Défense, Paris, by Dr. Mike Adenuga Jr., Chairman of Conoil Producing, and Patrick Pouyanné, Chairman and CEO of TotalEnergies.
Conoil Producing, founded by Adenuga, is a leading Nigerian independent exploration company with a portfolio of oil blocks in the Niger Delta. Recently, that the company began exporting a new crude grade the Obodo blend from its onshore operations.
In May that the Nigerian Upstream Petroleum Regulatory Commission (NUPRC), while congratulating Conoil Producing Limited and Adenuga on the successful shipment of the first cargo of the Obodo crude blend, described the development as a significant milestone for Nigeria’s upstream sector.
Meanwhile, TotalEnergies has operated in Nigeria for more than 60 years, contributing significantly to domestic production and downstream supply.
The contract is expected to ramp up production and signal renewed confidence in Nigeria’s oil sector. Observers say the deal could also help deepen local participation in the upstream segment, while supporting TotalEnergies’ long-term growth plans in Africa.