By Adedapo Adesanya
TotalEnergies said it would invest as much as $6 billion in Nigeria in the form of long-term investments, saying 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 the country.
The chief executive of the energy firm, Mr Patrick Pouyanne, told President Bola Tinubu during a meeting in Abuja on Monday that the French company was 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,” Mr Pouyanne was quoted as saying in a statement issued by Mr Ajuri Ngelale, the special adviser to the president on media and publicity.
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.
The long-term investment will also help ease the worries raised by the recent exit of multinationals in the country.
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.
Norwegian state-owned international energy company Equinor last month sold its interest in Chevron-operated Agbami field, one of Nigeria’s largest deep-water oilfields to local company Chappal Energies, continuing the exodus or planned exit of IOCs like ExxonMobil and Shell.
“We will review troublesome areas, fiscally and otherwise, to incentivize gas production in the age of transition to cleaner energy. We are ready to make a difference as a government,” the statement quoted Mr Tinubu as saying.
“The good handshake that we have is for partnership and to accelerate and incentivize gas production in pursuit of the energy transition.”
Business Post had reported that TotalEnergies said it has struck a deal with NNPC Limited to execute methane detection and measurement campaigns, employing its sophisticated drone-based AUSEA technology on oil & gas assets in the country.
Modupe Gbadeyanka