Supermajors sign new terms for Nigeria deepwater tracts, paving way for huge investments

Nigeria has executed new terms and conditions for six prolific offshore licenses operated by Western supermajors, a long-awaited move that could unlock over billions of barrels of untapped oil and generate hundreds of billions of dollars of revenues.

For years, ExxonMobil, Shell, TotalEnergies, Chevron and Eni have been loathe to invest in new production sharing contracts (PSCs) covering hydrocarbon-rich deep water assets in Nigeria, due to legal and fiscal uncertainties, with many older PSCs were due to expire.

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