totalenergies pledges 6 billion in nigeria oil gas investments

TotalEnergies Pledges $6 Billion In Nigeria Oil, Gas Investments

TotalEnergies, a French multinational integrated energy and petroleum company, has pledged $6 billion for oil and gas facilities in Nigeria, a country in West Africa.

The French company reaffirmed its commitment to business interests in Nigeria. Patrick Pouyanne, the chairman and CEO of TotalEnergies, and Nigerian President Bola Tinubu met in Abuja, the capital of Nigeria, on Monday.

TotalEnergies, a multi-energy company that produces and markets energies on a global scale, signed a cooperation agreement with Nigeria’s state oil firm NNPC (Nigerian National Petroleum Corporation).

Under the agreement, TotalEnergies will carry out methane detection and measurement campaigns in oil and gas facilities in Nigeria.

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What to expect?

The company will be using its advanced drone-based AUSEA technology on oil and gas facilities in Nigeria. The company has pledged to “invest $6 billion in the coming years.”

TotalEnergies will focus on offshore oil projects and gas production across all terrain. Bola Tinubu’s office said in a statement that the meeting between the Nigerian President and Pouyanne was successful. During the meeting, the Nigerian President pledged to remove “anti-investment impediments in the oil and gas industry” in Nigeria.

CEO Patrick Pouyanne told President Bola Tinubu that the company would support the current administration’s policies and push to resolve insecurity issues in the oil and gas industry.

Pouyanne said, “Everything is here. We just need to conclude with the tweaks and changes necessary to unlock the outstanding potential in both oil and gas.”

According to a report, the country contributes 8 to 10 per cent of TotalEnergies’ global output. Nigeria is home to more than 18 per cent of TotalEnergies’ overall investments.

Earlier, TotalEnergies announced plans to offload its 10 per cent minority stake in a joint venture holding 20 onshore in the country.

Bola Tinubu said, “We will review troublesome areas, fiscally and otherwise, to incentivize gas production in the age of transition to cleaner energy.”