TotalEnergies Pledge $6bn Investment In Nigeria In Coming Years

TotalEnergies said it would invest as much as $6 billion in Africa’s biggest oil producer in the years ahead.

The energy firm said it will target deep-water projects and gas production at a time when international oil companies (IOCs) are shifting attention away from onshore to offshore operations in Nigeria.

The Firm CEO, Mr. Patrick Pouyanne told President Bola Tinubu during a meeting in Abuja on Monday that the French company is in support of the current administration’s policies and push to resolve insecurity issues in the industry.

“Everything is here. We just need to conclude with the tweaks and changes necessary to unlock the outstanding potential in both oil and gas,” Pouyanne said.

Nigeria contributes 8 to 10 per cent of TotalEnergies’ global output and is home to more than 18 per cent of its overall investments but has been finding it difficult to get the oil major to retain its interest in offshore assets, which have been pretty problematic for IOCs because of their vulnerability to insecurity and vandalism.

Mele Kyari, the group managing director of NNPC Limited, told senators in November that over 5000 kilometres of pipeline in the country are not working, with the pipeline from Warri to Benin inactive for the past 22 years.

Last April, TotalEnergies announced plans to offload its 10 per cent minority stake in a joint venture holding 20 onshore and shallow water permits in the country.