TotalEnergies pledges $6 billion in Nigeria oil, gas investments

Date:

- Advertisement -

TotalEnergies 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 and Exxon Mobil 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.

- Advertisement -

LEAVE A REPLY

Please enter your comment!
Please enter your name here

Share post:

Subscribe

ADVERTISEMENT

Popular

More like this
Related

IMF predicts global public debt will be at 93% of GDP by end of 2024

Global public debt will exceed US$100 trillion by the...

World Bank’s Banga says more bilateral debt forgiveness needed

World Bank President Ajay Banga said on Thursday (17...

Ghana, creditor panel agree on debt restructuring, paving way for IMF cash

Ghana has finalised a pact with its official creditor...

Nigeria strikes deal with Shell to supply $3.8 billion methanol project

Nigeria has struck a deal for Shell (SHEL.L), opens new...