Nigeria (Commonwealth)_The French company, TotalEnergies, stated that its CEO, Patrick Pouyanne, had met with Nigerian President Bola Tinubu in Abuja on Monday and reiterated the company’s commitment to economic interests in Nigeria.
TotalEnergies announced a collaboration deal with NNPC Ltd, Nigeria’s national oil firm, to perform methane identification and measurement operations on Nigerian oil and gas facilities using its cutting-edge drone-based AUSEA technology.
TotalEnergies has vowed to “invest $6 billion in the coming years,” according to a statement from Tinubu’s office citing Pouyanne, with a focus on offshore oil developments and gas production throughout all terrain. Tinubu’s meeting with Pouyanne comes after similar discussions to bring money to Africa’s leading energy producer, which also included talks with Shell and Exxon Mobil.
Nigeria, the largest economy in Africa, has been producing less oil for years due to widespread theft and sabotage. It has increased recently, partly due to offshore production, which is less vulnerable to cyberattacks.
In order to encourage producers to increase gas output, Tinubu promised to remove “anti-investment impediments in the oil and gas industry” and offer incentives.
Over a number of years, the energy behemoth TotalEnergies will pour $6 billion (about €5.5 billion) into Nigeria’s energy sector, mostly into projects related to gas and offshore energy. Over the next four years, we are prepared to invest $6 billion. As stated by Patrick Pouyanné, CEO of TotalEnergies, “We are keenly looking at additional prospects for deepwater and gas production.”
Bola Ahmed Tinubu, the head of state, met with Mr. Pouyanné in the capital city of Abuja on Monday. Everything is set up properly. According to the Presidency, Mr. Pouyanné stated, “We just need to finalize the adjustments and changes needed to unlock the exceptional potential in oil and gas.”
According to the CEO cited in the news release, Nigeria is “very important” to TotalEnergies, contributing between 8% and 10% of the group’s overall oil production. As part of his personal contribution, Nigeria’s president committed to abolish all barriers in the oil and gas business. He said, “We are eager to work with you.”
The major operator in the oil and gas business indicated that it has a diverse portfolio of projects that might generate USD 6 billion in investment over the next several years. The Nigerian president’s administration made public similar commitments from the British oil and gas powerhouse Shell for USD 6 billion in maritime natural gas and LNG projects 10 days ago.
Bola Since entering office at the end of May, Ahmed Tinubu, an OPEC member and oil producer, has pursued a variety of economic policies with the objective of attracting greater international investment.
After years of debate and delays, the Petroleum business Amendment was ultimately approved in 2021 alongside the goal of expanding foreign investment in the oil and gas business by changing tax, royalties, and regulatory rules.
Nigeria’s oil output has decreased recently as a result of terrorism, extensive pipeline theft, high operational expenses, and bureaucracy that has turned away investors.
One of the seven supermajor oil firms is TotalEnergies SE, a worldwide integrated energy and petroleum business based in France that was established in 1924. Its operations encompass the whole oil and gas value chain, from the production and exploration of crude oil and natural gas to the production of electricity, transportation, refining, marketing of petroleum products, and worldwide trading of crude oil and petroleum products. Another major producer of chemicals is TotalEnergies.
Located west of Paris in the Tour Total neighborhood of Courbevoie, the headquarters of TotalEnergies are located. The business is included in the Euro Stoxx 50 index of stock market companies. TotalEnergies was included as the world’s twenty-first-largest public corporation in the Forbes Global 2000 of 2023.
