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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.

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