TotalEnergies, the French multinational integrated energy and petroleum company, has pledged a significant investment of $6 billion in Nigeria to enhance offshore oil projects and boost gas production across the country. Patrick Pouyanne, the CEO of TotalEnergies, made this commitment during a meeting with President Bola Tinubu in Abuja.
The investment is strategically aimed at supporting offshore oil initiatives and advancing gas production across diverse terrains in Nigeria. Pouyanne emphasized TotalEnergies’ readiness to address challenges, both fiscal and operational, to incentivize gas production, aligning with the global transition to cleaner energy.
The statement released after the meeting highlighted TotalEnergies’ commitment to contributing to Nigeria’s economic growth. The company expressed its willingness to collaborate with the government to overcome obstacles and make a positive impact on the nation’s energy landscape.
President Tinubu assured the removal of anti-investment impediments in the oil and gas industry, pledging to provide incentives for producers to boost gas output. This announcement follows Tinubu’s discussions with other major oil players, including Shell and Exxon Mobil, as part of efforts to attract substantial capital to Nigeria, the top energy producer in Africa.
Despite years of declining oil output due to theft and sabotage, Nigeria has experienced recent improvements, particularly in offshore production, which is less susceptible to attacks. TotalEnergies’ investment is poised to contribute significantly to the country’s oil and gas sector, providing economic stimulus and supporting the ongoing transition to cleaner energy sources.
Source: Business Day