Business
TotalEnergies to invest $6bn in oil projects, gas production in coming years
TotalEnergies has disclosed plans to invest the sum of $6 billion in the coming years on offshore oil projects and gas production across all terrains.
This is coming amid the exit of several multinationals from the country in recent times.
This development was announced in a statement from President Bola Tinubu’s office shortly after a meeting with Patrick Pouyanne, TotalEnergies Chairman and Chief Executive Officer in Abuja on Monday.
The French company also announced the signing of a cooperation agreement with Nigeria’s oil firm NNPC Ltd for conducting methane detection and measurement campaigns using its advanced drone-based AUSEA technology on oil and gas facilities in Nigeria.
READ ALSO:Niger Delta group alleges cover up in TotalEnergies oil spill
According to the statement, Total Energies has committed to “invest $6 billion in the coming years,” with a focus on offshore oil projects and gas production across all terrains, as stated by Pouyanne.
Tinubu’s meeting with Pouyanne follows similar discussions with oil majors Shell and Exxon Mobil as part of efforts to attract capital to Africa’s leading energy producer.
The statement notes that Nigeria’s oil output, the largest economy in Africa, has experienced a decline over the years due to large-scale theft and sabotage.
However, recent months have seen an uptick, aided by offshore production, which is less susceptible to attacks.
Join the conversation
Support Ripples Nigeria, hold up solutions journalism
Balanced, fearless journalism driven by data comes at huge financial costs.
As a media platform, we hold leadership accountable and will not trade the right to press freedom and free speech for a piece of cake.
If you like what we do, and are ready to uphold solutions journalism, kindly donate to the Ripples Nigeria cause.
Your support would help to ensure that citizens and institutions continue to have free access to credible and reliable information for societal development.
German Police bust alleged Nigerian scam dating ring
German authorities have arrested eleven individuals suspected of being members of a Nigerian mafia group involved in a large-scale dating...
INVESTIGATION: In Kwara, multimillion-naira milk processing plant is abandoned, converted to a chicken outlet
After the government spent millions of naira to establish a milk processing plant in Kwara State that would provided jobs...
SPECIAL REPORT: For Sokoto communities, promise of healthcare is akin to death sentence
In this story, ABDULRASHEED HAMMAD delves into the dire realities of Primary Health Care services in Sokoto State, shedding light...
ICYMI…SPECIAL REPORT: NNPCL hides behind PIA to frustrate disclosure, accountability
Nigeria’s major oil company, Nigerian National Petroleum Corporation Limited (NNPCL), in what appears to be a common practice of disregard...
INVESTIGATION: Multi-million naira Ekiti resort center remains uncompleted a decade after
The multimillion-naira project, expected to comprise recreational buildings, now consists of cassava farmland, a bush used for excretion, and a...