Total Commits $6 Billion Investment in Nigeria’s Oil and Energy Sector

Tue Dec 19 2023
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ABUJA, Nigeria: ARIS: French energy giant Total has expressed its readiness to invest $6 billion (5.5 billion euros) over several years in Nigeria’s oil and energy industry, focusing on gas and offshore projects.

The announcement comes as Nigeria seeks to attract more foreign investment, implementing economic reforms since President Bola Ahmed Tinubu assumed office in May.

Nigeria, a major oil producer and Africa’s top economy, faces challenges such as declining crude output due to theft, pipeline attacks, and operational costs.

Total’s commitment follows a similar pledge from Shell earlier this month, outlining plans for a $6 billion investment in offshore, gas, and liquefied gas projects.

Total CEO Patrick Pouyanne met with President Tinubu in Abuja, where they discussed the importance of Nigeria in Total Energies’ global production, accounting for eight to 10 percent of the company’s total worldwide production.

President Tinubu emphasized the commitment to removing obstacles to investment in the oil and gas industry, expressing a clear path for economic reforms. Pouyanne affirmed Total’s readiness to invest in deepwater and gas production opportunities, highlighting the significant potential in Nigeria’s oil and gas sector.

The Petroleum Industry Act, a new Nigerian law passed in 2021, aims to attract more foreign investment by amending regulations, royalties, and taxes in the oil sector. Total’s substantial investment signals confidence in Nigeria’s efforts to enhance its energy industry and economic prospects.

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