Tuesday, December 19, 2023

TotalEnergies pledges $6 billion in Nigeria oil, gas investments

TotalEnergies (TTEF.PA) reaffirmed its commitment to business interests in Nigeria, the French company said, adding that its head Patrick Pouyanne had met Nigeria President Bola Tinubu in Abuja on Monday.

TotalEnergies said it had signed a co-operation agreement with Nigeria's state oil firm NNPC Ltd to carry out methane detection and measurement campaigns using its advanced drone-based AUSEA technology on oil and gas facilities in Nigeria.

TotalEnergies pledged to "invest $6 billion in the coming years," with focus on offshore oil projects and gas production across all terrain, Tinubu's office said in a statement, citing Pouyanne.

Tinubu's meeting with Pouyanne follows similar talks with oil majors Shell (SHEL.L) and Exxon Mobil (XOM.N) as part of moves to attract capital to Africa's top energy producer.

Oil output from Nigeria, Africa's biggest economy, has been in decline for years, hobbled by large-scale theft and sabotage. It has picked up in recent months, helped by offshore production that is less prone to attacks.

Tinubu pledged to remove "anti-investment impediments in the oil and gas industry" and provide incentives to producers to help boost gas output. 

By Sudip Kar-Gupta and Felix OnuahReuters

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