TotalEnergies EP Nigeria is intensifying efforts to unlock the full potential of its oil assets in the country, driven by a strong push to optimise existing fields and fast-track deepwater projects. Victor Bandele, Deputy Managing Director for Deepwater Assets, described the move as a “desperation” to make the most of the company’s resources during a panel discussion at the NAPE conference in Lagos.
Bandele highlighted that the company’s strategy starts with maximising output from existing assets such as the Egina field. While the Floating Production, Storage, and Offloading (FPSO) vessel at Egina can handle up to 200,000 barrels of oil per day, current production is below 100,000 barrels due to natural field decline. “We are working on all possible tiebacks to optimise production, and regulatory support is crucial to achieving these goals,” he said.
The company is also looking beyond current production, targeting exploration in older fields like Akpo and actively developing newly acquired deepwater blocks. Bandele revealed plans to mature a new deepwater block and possibly commence operations there in 2026. This move reflects TotalEnergies’ ambition to expand its footprint in Nigeria’s offshore oil sector.
Reflecting on Nigeria’s deepwater journey, Bandele traced milestones from Akpo in 2009, Usan in 2012, to Egina in 2018. He emphasized that deploying multiple FPSOs and encouraging shared operations among international oil companies could improve efficiency and reduce operational costs. “Collaboration in deepwater operations brings significant synergies, reduces costs, and enhances reaction time when challenges arise,” he noted.
Bandele concluded that a more active deepwater and onshore oil sector is vital for operational efficiency and industry growth. Drawing on TotalEnergies’ history of shared resources, such as the Q7000 vessel introduced in 2002, he stressed that collaboration remains a cornerstone for the industry. “The more activities we have in deepwater, shallow water, and onshore, the more cost-effective and efficient operations become for everyone,” he said.
source: punch