TotalEnergies CEO Announces $6 Billion Investment in Nigeria’s Energy Industry

2023-12-19 23:03:00

TotalEnergies CEO Patrick Pouyanné met Nigerian President Bola Tinubu on Monday. The French giant said it was ready to invest “ six billion dollars over several years » in the energy industry in Nigeria.

Published on: 12/20/2023 – 00:03

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During this visit to “ reaffirm the long-term partnership » between the company and the leading crude oil producing country in Africa, the French firm also promised a long-term investment. On the French side, Patrick Pouyanné came accompanied by his staff while Tinubu ball was surrounded, among others, by the boss of the national oil company of Nigeria (NNPC).

In its final press release, TotalEnergies recalls its “ long term commitment » in Nigeria and indicates that the company “ has a portfolio of projects that might represent more than six billion dollars of investments in the coming years ».

« We are ready to work with you »

TotalEnergies, « the country’s main private investor in the energy sector “, says study “ in depth more deepwater production and gas production opportunities “. The Nigerian president, for his part, pledged to “ remove all barriers in the oil and gas industry ». « We are ready to work with you “, he said.

The final investment decision for the Ubeta gas project is expected to be taken in the first quarter of 2024 while the renewal of the OML 130 license for 20 years in May paved the way for the development of the Preowei project in deep waters.

Last June, TotalEnergies also announced the discovery of oil and gas on the Ntokon well on the OML 12 permit, off the coast of Nigeria. However, despite these promising projects, Total has had to restart a drilling campaign to try to slow the steady decline in production at the iconic Egina offshore fields – commissioned in 2018. An accidental spill equivalent to around 6,000 barrels was also reported in mid-November near this project, without impact on production.

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