*Nigeria remains at the heart of our strategy, says multinational oil companyThe federal government has disclosed that French oil major, TotalEnergies EP Nigeria Limited, has invested almost $30 billion in Nigeria’s oil and gas sector within the space of eight years. It said the company had made a lot of investments in developing the country’s oil resources since it began operation in the last 60 years.
Wabote said TotalEnergies had invested immensely in Nigeria and deserved commendation for remaining consistent in investing in the country’s oil sector. He said with the amount of investments TotalEnergies had put into the country’s oil and gas sector since its entrance into the space, there was no basis for comparing it with that of Shell, Chevron and ExxonMobil.
Bonga Southwest is among the oil assets that the government has been banking on to achieve its plan of increasing Nigeria’s oil reserves and production. “So, we should understand what Total is doing. This is a celebration that we should all partake, for keeping faith in this country, remaining in this country for 60 years is no mean feat. I encourage you to, please, remain with us.”
Terraz said the company was in the final stages of the Ikike project, a project he described as key for its Nigerian affiliate to demonstrate the viability of tie-backs to existing fields. The TotalEnergies president hailed the passage of the Petroleum Industry Act , saying while bringing some much-needed clarity for the industry, it has also brought changes to the regulatory, fiscal and operating environment in the country.
He stated, “Of course, we continue to believe in hydrocarbons. Gas development for NLNG and domestic usage will remain a bedrock of our activities while we concentrate our investments in low cost, low emission oil.