TotalEnergies Commits $6 Billion Investment in Nigeria’s Oil and Gas Sector
TotalEnergies has reaffirmed its dedication to its business pursuits in Nigeria, confirming that its leader, Patrick Pouyanne, met with Nigeria’s President Bola Tinubu in Abuja on Monday. The French company disclosed the signing of a cooperation agreement with Nigeria’s oil firm NNPC Ltd to conduct methane detection and measurement campaigns using its advanced drone-based AUSEA technology on oil and gas facilities in Nigeria.
According to a statement from President Tinubu’s office, TotalEnergies has pledged to “invest $6 billion in the coming years,” focusing on offshore oil projects and gas production across all terrains, as expressed by Pouyanne. Tinubu’s meeting with Pouyanne follows similar discussions with oil majors Shell and Exxon Mobil, part of efforts to attract capital to Africa’s leading energy producer.
The statement highlights Nigeria’s declining oil output over the years due to large-scale theft and sabotage. However, recent months have seen an increase, aided by offshore production, which is less susceptible to attacks. Tinubu has committed to removing “anti-investment impediments in the oil and gas industry” and providing incentives to producers to enhance gas output.
TotalEnergies’ commitment to invest $6 billion in Nigeria’s oil and gas industry follows similar pledges from oil majors like Shell, which recently announced a $5 billion investment in Nigeria’s deep-water project at Bonga North. Olu Verheijen, the special adviser to the President on Energy, announced securing $13 billion in investments in the oil and gas sector from IOCs like Shell and ExxonMobil.
Nigeria’s oil sector has witnessed divestments from oil majors in recent times, particularly from onshore fields into deepwater projects, citing insecurity and maturing wells. President Tinubu, since his inauguration, has aimed to address issues leading to divestments, not only in the oil sector but across all sectors of the economy.
Source: Nairametrics
