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TotalEnergies Commits $6 Billion To Oil And Gas Investments In Nigeria

TotalEnergies commits $6 billion to oil and gas investments in Nigeria as it restates its dedication to business pursuits in Nigeria, confirming that its CEO, Patrick Pouyanne, engaged in discussions with Nigeria's President, Bola Tinubu, in Abuja on Monday.

Abeo Bunkechukwu
Abeo Bunkechukwu
Dec 20, 20238K Shares138K Views
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TotalEnergies Commits $6 Billion To Oil And Gas Investments In Nigeria

TotalEnergies commits $6 billion to oil and gas investments in Nigeriaas it restates its dedication to business pursuits in Nigeria, confirming that its CEO, Patrick Pouyanne, engaged in discussions with Nigeria's President, Bola Tinubu, in Abuja on Monday.

The French company has announced the formalization of a cooperation agreement with Nigeria's state oil firm, NNPC Ltd. The agreement entails the implementation of methane detection and measurement campaigns utilizing TotalEnergies' advanced drone-based AUSEA technology on oil and gas facilities across Nigeria.

The commitment to invest $6 billion in the coming years is focused on offshore oil projects and gas production across various terrains, according to a statement from Tinubu's office, citing Patrick Pouyanne.

The meeting between Tinubu and Pouyanne follows similar discussions with major oil companies Shell and Exxon Mobil, part of a broader effort to attract capital to Nigeria, the top energy producer in Africa.

Nigeria, Africa's largest economy, has experienced a decline in oil output for years due to significant theft and sabotage. However, recent months have seen an increase in production, particularly offshore, which is less susceptible to attacks. Tinubu is committed to eliminating "anti-investment obstacles in the oil and gas sector" and offering incentives to producers to enhance gas output.

The commitment of $6 billion by an oil major to the Nigerian oil and gas industry follows similar pledges from other oil majors, such as Shell, which recently vowed to invest $5 billion in Nigeria's deep-water project at Bonga North.

Olu Verheijen, the special adviser to the President on Energy, has recently announced the successful securing of $13 billion in investments in the oil and gas sector from International Oil Companies (IOCs) like Shell, ExxonMobil, and others.

In recent times, Nigeria's oil sector has witnessed divestments by major oil companies, particularly from onshore fields, moving towards deep-water projects, citing concerns like insecurity and maturing wells.

Conclusion

Since his inauguration, President Tinubu has been actively addressing issues leading to divestments, not only in the oil sector but also across various sectors of the economy.

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