Total Energies plans $6bn investment in Nigerian oil and gas assets

The French company also signed a deal with the Nigerian National Petroleum Corporation (NNPC) to undertake methane detection and measurement campaigns.

TotalEnergies has pledged $6bn (€5.47bn) of investment to boost its oil and gas operations in Nigeria over the coming years.

The company plans to make investments in offshore oil projects and gas production assets across all terrain.

TotalEnergies’ reaffirmation of its long-term partnership with the country was made by its chairman and CEO Patrick Pouyanné during a meeting with Nigeria President Bola Ahmed Tinubu in Abuja.

Pouyanné also discussed with Tinubu ways to improve the investment climate and security of operations, TotalEnergies’ future investment programme in the country, and the French company’s efforts to support Nigeria’s plan to reduce carbon emissions.

The company has also signed a cooperation agreement with Nigeria’s state oil company, NNPC, to undertake methane detection and measurement campaigns.

As part of this agreement, the parties will make use of advanced drone-based AUSEA technology at oil and gas facilities in Nigeria.

Pouyanné said: “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.

“We had a very constructive and pragmatic discussion today with President Tinubu on key actions Nigeria should take to attract increased investment in the country.”

Recently, TotalEnergies agreed to sell a stake in National Petroleum Refiners of South Africa (Natref) to energy company Prax Group.

Under the deal, TotalEnergies’ subsidiary, TotalEnergies Marketing South Africa, will sell its 36.36% interest in the Natref refinery to Prax.

Natref is a joint venture between TotalEnergies Marketing South Africa (36.36%) and Sasol (63.64%).

Read the latest issue of the OGV Energy magazine HERE