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Baltic Alliance and South Atlantic Petroleum Sign PSC for PPL 2000 and PPL 2001 Offshore Nigeria

Baltic Alliance and South Atlantic Petroleum Sign PSC for PPL 2000 and PPL 2001 Offshore Nigeria
Press Release Press Release
24 January 2025

Baltic Alliance and South Atlantic Petroleum Sign PSC for PPL 2000 and PPL 2001 Offshore Nigeria

Baltic Alliance, as operator with an 80% participating interest, together with its partner South Atlantic Petroleum (20%), has signed the Production Sharing Contract (PSC) for the PPL 2000 and PPL 2001 offshore exploration licenses in Nigeria.

The licenses were awarded following the 2024 Exploration Round organized by the Nigerian Upstream Petroleum Regulatory Commission (NUPRC), marking a significant milestone in Nigeria’s upstream sector and reinforcing international investor confidence in the country’s regulatory framework.

PPL 2000 and PPL 2001 cover a combined area of approximately 2,000 square kilometers and are located in the prolific West Delta Basin, one of Nigeria’s most prospective hydrocarbon provinces. The initial work program includes the drilling of one firm exploration well, reflecting Baltic Alliance’s disciplined and technically driven exploration strategy.

This award represents a major milestone for Baltic Alliance and underscores our long-term commitment to Nigeria,” said Kevin McLachlan, Senior Vice President, Exploration at Baltic Alliance. “We are honored to be the first international company to be awarded exploration licenses in a Nigerian bid round in more than a decade. These high-quality blocks are drill-ready and align fully with our strategy of building a high-impact exploration portfolio with the potential for low-cost and low-emissions developments in our core areas of expertise

The signing of the PSC further strengthens Baltic Alliance’s partnership with Nigeria and its national stakeholders, supporting responsible exploration, local content development, and sustainable resource growth.

Baltic Alliance and South Atlantic Petroleum will work closely with Nigerian authorities and partners to advance the exploration program in line with regulatory requirements, environmental standards, and international best practices.