(3 Minutes Read)
French energy giant TotalEnergies is ready to invest US$6 billion (around €5.5 billion) over several years in Nigeria’s energy industry, particularly in gas and offshore projects, according to the Nigerian president’s office. Quoting TotalEnergies CEO Patrick Pouyanne, the statement issued by the president’s office said that the project also will be looking at more opportunities for deepwater and gas production.
Nigerian President Bola Ahmed Tinubu held talks with Pouyanné in Abuja, the capital recently to discuss the company’s investment plans in Nigeria, among other things. TotalEnergies CEO said that the company was finalizing the adjustments and changes needed to unlock the exceptional potential in oil and gas. Nigeria accounts for between 8% and 10% of the group’s total oil production.
The Nigerian president pledged to remove all obstacles in the oil and gas industry, said Pouyanne, adding that it has a substantial portfolio of projects that could represent US$6 billion of investment over the next few years. It may be recalled that a few days ago, the Nigerian president’s office announced similar commitments from British oil and gas giant Shell, for USD 6 billion in offshore, natural gas and liquefied natural gas (LNG) projects. Tinubu has taken a series of economic measures aimed at attracting more foreign investment to this oil-producing country and member of OPEC.
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Nigeria has seen its oil production decline in recent years due to widespread pipeline theft, attacks, and high operating costs. and red tape, which have deterred investors.
