TotalEnergies has reaffirmed its commitment to its business operations in Nigeria, with the company’s head, Patrick Pouyanne, meeting with Nigeria’s President Bola Tinubu in Abuja. During the meeting, the French energy company announced the signing of a cooperation agreement with Nigeria’s oil firm NNPC Ltd. The collaboration involves conducting methane detection and measurement campaigns using TotalEnergies’ advanced drone-based AUSEA technology on oil and gas facilities in Nigeria.
As part of its commitment to Nigeria, TotalEnergies pledged to invest $6 billion in the coming years, focusing on offshore oil projects and gas production across various terrains. This investment commitment was communicated by Pouyanne during the meeting with President Tinubu. This follows similar discussions with other oil majors like Shell and Exxon Mobil, as Nigeria aims to attract capital to enhance its position as Africa’s leading energy producer.
The statement from President Tinubu’s office highlighted the challenges faced by Nigeria’s oil sector, including a decline in oil output over the years due to large-scale theft and sabotage. However, recent months have seen an increase, particularly in offshore production, which is less susceptible to attacks.
President Tinubu has pledged to address anti-investment impediments in the oil and gas industry and provide incentives to producers to boost gas output. The commitment from TotalEnergies to invest $6 billion follows similar pledges from other oil majors like Shell, which recently committed $5 billion to Nigeria’s deep-water project at Bonga North.
The special adviser to the President on Energy, Olu Verheijen, previously announced securing $13 billion in investments in the oil and gas sector from international oil companies (IOCs) such as Shell and ExxonMobil. Nigeria has experienced divestments from oil majors in recent times, particularly from onshore fields into deep-water projects, citing concerns such as insecurity and maturing wells.
Since his inauguration, President Tinubu has been proactive in addressing issues leading to divestments, not only in the oil sector but across various sectors of the economy. The commitment from TotalEnergies aligns with Nigeria’s efforts to attract investments and enhance its energy production capabilities.
