Tuesday, August 3, 2021
business

TotalEnergies invests $60 billion, renews committment to Nigeria’s growth

TotalEnergies has invested over $60 billion in exploration and other projects in Nigeria, as it plays a significant economic and social role in the country, contributing about 15% of the nation’s production.

This was disclosed by Victor Bamidele, Deputy Managing Director, Deepwater District, TotalEnergies, at the Nigeria Oil and Gas (NOG) Conference in Abuja, on Monday.

What TotalEnergies is saying

“TotalEnergies, as we are now called, has been in Africa for more than 80 years, and has been working in exploration activities in Nigeria for over 60 years.

In the upstream sector, we have a diversified portfolio in Nigeria with facilities spanning onshore, deep waters and LNG. We are very proud of our strong partnership with the Nigerian National Petroleum Corporation (NNPC) and various partners over the years.

Our upstream branch plays a significant economic and social role in Nigeria contributing about 15% of the country’s production.

Nigeria, as one of our core areas of activities, is also crucial to TotalEnergies group accounting for 12% of equity production. In the past few years, TotalEnergies has invested approximately 10 billion in the country through executing development projects,” Bamidele said.

He added that over the years the company’s activities have helped in creating jobs and many other benefits in spite of the challenging environment it operates.

He noted that EGINA Floating Production Storage and Offloading vessels (FPSO) was completed in 2018 and the company is currently investing in the development of the IKIKE Project.

What you should know

EGINA was developed in 2013 by Total after the NOGIC act was established. It remains the company’s third-biggest FPSO project that had boosted local content.

IKIKE development field is with OML 99, 20 kilometres offshore, and is being developed as a satellite terminal in spite of its size and content objective.

The project is expected to facilitate entry-level training for 80 geoscience students in the country.

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