TOTALENERGIES IS WILLING TO INVEST 6 BILLION DOLLARS IN NIGERIA

Source: Africa News

French energy giant TotalEnergies is set to invest $6 billion (around €5.5 billion) over several years in Nigeria's energy industry, particularly in gas and marine projects, the Nigerian presidency has said.

"We are ready to invest $6 billion in the coming years. We are studying in depth more opportunities for gas and deepwater production," TotalEnergies CEO Patrick Pouyanné said, according to a presidential statement. On Monday, the Head of State, Bola Ahmed Tinubu, met with Pouyanné in Abuja, the capital.

"Everything is in place. We only need to finalize the necessary adjustments and changes to unlock the exceptional potential of oil and gas," continued Pouyanné, according to the Presidency.

Nigeria is "very important" for TotalEnergies, accounting for between 8% and 10% of the group's total oil production, according to the CEO cited in the statement.

For his part, the Nigerian president pledged to "remove all obstacles in the oil and gas industry." "We are ready to work with you," he said.

The oil and gas major indicated that "it has an important portfolio of projects that could represent 6 billion dollars of investment in the coming years."

Ten days ago, the Nigerian president's office announced similar commitments from British oil and gas giant Shell, for $6 billion in offshore, natural gas and liquefied natural gas (LNG) projects.

Since taking office at the end of May, Bola Ahmed Tinubu has adopted a series of economic measures aimed at attracting more foreign investment to the oil-producing and OPEC member country.

One law, the Petroleum Industry Bill, adopted in 2021 after years of debate and delays, was already aimed at attracting more foreign investment in the oil sector through changes to regulations, royalties and taxes.

Nigeria has seen its oil production decline in recent years due to widespread pipeline theft, attacks, high operating costs and bureaucracy, which have deterred investors.