Nigeria’s state-owned oil company, NNPC Ltd, has reached agreements with Total and China National Offshore Oil Corp (CNOOC) regarding a deepwater oil block in the Niger Delta. The production sharing contract has been renewed, resolving disputes on Oil Mining Lease 130, which is located offshore Niger Delta. This block includes the Akpo and Egina fields, as well as the Preowei discovery. The agreements pave the way for a final investment decision on Preowei, amounting to $2.1 billion. Additionally, the oil mining lease will be converted into a petroleum mining license, in accordance with a new law. This development is significant for Nigeria, as the country has faced challenges in oil production due to theft, vandalism, and underinvestment. Major oil companies are now focusing on deepwater projects rather than onshore operations.