TotalEnergies has expressed its readiness to invest six billion dollars in Nigeria’s oil and gas sector, focusing on natural gas and offshore projects. This follows a recent meeting in Abuja between Nigerian President, Bola Ahmed Tinubu, and TotalEnergies CEO, Patrick Pouyanné.
Since his inauguration last May, President Tinubu has been active in implementing reforms aimed at attracting foreign investment, particularly in the upstream sector. For TotalEnergies, Nigeria accounts for 8-10% of the French major’s global production and is a strategic market.
In related news, the Nigerian National Petroleum Company (NNPC) recently pledged to increase crude oil output to two million barrels per day from 2024, as well as enhance security measures to curb theft and pipeline vandalism.
Both developments align with Nigeria’s Petroleum Industry Act, designed to drive foreign direct investment by amending regulations, royalties and tax schemes. Renewed interest from oil majors like TotalEnergies, coupled with the NNPC’s stated production target, signal positive growth for Nigeria’s energy sector. Meanwhile, the Federal Government’s commitment to addressing security challenges and creating a more investor-friendly environment underscores its determination to enhance oil and gas output into 2024 and beyond.
