TotalEnergies to spend $6 bln to develop oil and gas in Nigeria

TotalEnergies has reaffirmed its commitment to develop key oil and gas assets in Nigeria under a USD 6-billion investment plan, the French energy giant announced on Monday.

The press release followed a meeting between TotalEnergie’s Chairman and CEO Patrick Pouyanné and Nigeria’s President Bola Tinubu in Abuja.

In the last decade TotalEnergies has been the largest investor in the country’s oil and gas industry, including projects such as the Egina field, Ofon Phase 2, enhancement works on the OML 58 block and the Ikike play.

The energy giant also signed a cooperation agreement with Nigerian National Petroleum Company (NNPCL) to carry out methane detection and measurement initiatives using its drone-based technology AUSEA at oil and gas facilities in Nigeria.

“TotalEnergies is pleased to announce the end of routine flaring in its operations in Nigeria and the sharing of our in-house AUSEA technology with NNPCL, concretely supporting NNPCL to deliver the commitment taken at COP28 by endorsing the Oil & Gas Decarbonization Charter,” said Pouyanné.

In 2022, TotalEnergies maintained production of around 204,000 boepd in Nigeria.

The energy giant is also involved in oil and gas retail operations, with 540 service stations throughout the nation.

Tinubu also put pressure on NNPCL to deliver, suggesting that a sudden dissolution of the board is possible if performance indicators are not exceptional.