The French energy giant TotalEnergies is ready to invest $6 billion (around €5.5 billion) over several years in Nigeria's energy industry, particularly in gas and offshore projects, as reported by the Nigerian presidency.
"We are ready to invest $6 billion in the coming years. We are thoroughly exploring more opportunities for deepwater and gas production," said TotalEnergies CEO Patrick Pouyanné, according to a presidential statement. On Monday, Head of State Bola Ahmed Tinubu held talks with Mr. Pouyanné in Abuja, the capital. "Everything is in place. We just need to finalize the adjustments and changes needed to unlock the exceptional potential in oil and gas," continued Mr. Pouyanné, according to the Presidency.
Nigeria is 'very important' for TotalEnergies, accounting for between 8% and 10% of the group's total oil production, according to the CEO quoted in the press release. For his part, the Nigerian president pledged to 'remove all obstacles in the oil and gas industry.' 'We are ready to work with you,' he said.
The major oil and gas company stated that it 'has a substantial portfolio of projects that could represent $6 billion in investment over the next few years.' Ten days ago, the office of the Nigerian president announced similar commitments from the British oil and gas giant Shell, totaling $6 billion in offshore, natural gas, and liquefied natural gas (LNG) projects.
Since his inauguration at the end of May, Bola Ahmed Tinubu has taken a series of economic measures aimed at attracting more foreign investment to this oil-producing country and member of OPEC. A law, the Petroleum Industry Bill, adopted in 2021 after years of debate and delays, was already aimed at attracting more foreign investment in the oil sector through changes to regulations, royalties, and taxes.
Nigeria has seen a decline in its oil production in recent years due to widespread pipeline theft, attacks, high operating costs, and bureaucracy, which have deterred investors.
Article source:africanews