TotalEnergies Snubs Nigeria Again, Invests $600 Million in Congo’s Oil Industry

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French oil giant TotalEnergies has passed over Nigeria for a second time, opting to invest $600 million in the Republic of Congo’s oil exploration and production. This decision comes after TotalEnergies chose Angola over Nigeria for a $6 billion investment due to concerns about policy inconsistencies in Nigeria.

The $600 million will be used to fund exploration activities and maintain production at the Moho Nord field, a major contributor to Congolese oil output. TotalEnergies is optimistic that the investment will lead to new discoveries by the end of the year. Industry leaders view this investment as a positive development for Congo’s oil sector and its potential to contribute to energy security and industrialization across Africa.

This news comes alongside Congo’s announcement of a new strategic partnership with Algeria in the hydrocarbons and energy sector, suggesting a period of potential growth for the nation’s oil and gas industry.

Source: Business Day

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