The Nigerian presidency has announced that TotalEnergies, a major player in the French energy sector, is prepared to invest $6 billion (about €5.5 billion) over a number of years in Nigeria’s energy sector, with a focus on gas and offshore projects.
“We are ready to invest $6 billion over the next few years. We are looking in depth at 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.
According to the CEO cited in the press release, Nigeria is “very important” to TotalEnergies, contributing between 8% and 10% of the group’s overall oil production.
The president of Nigeria promised to “remove all obstacles in the oil and gas industry” as his own part. “We are ready to work with you”, he stated.
The significant player in the oil and gas industry stated that it “has a substantial portfolio of projects that could represent 6 billion dollars of investment over the next few years”.
Similar promises from the British oil and gas behemoth Shell for USD 6 billion in offshore natural gas and liquefied natural gas (LNG) projects were made public by the Nigerian president’s office ten days ago.
Bola Ahmed Tinubu, an OPEC member and oil producer, has implemented a number of economic initiatives since taking office at the end of May with the goal of luring in more foreign capital.
After years of discussion and delays, the Petroleum Industry Bill was finally passed in 2021 with the intention of increasing foreign investment in the oil and gas industry by altering laws pertaining to taxes, royalties, and regulations.
Nigeria’s oil production has decreased recently as a result of terrorism, widespread pipeline theft, high operational expenses, and bureaucracy that has turned away investors.
