French energy giant TotalEnergies has expressed its readiness to invest $6 billion (approximately €5.5 billion) over several years in Nigeria’s energy sector, focusing on gas and offshore projects, as revealed by the Nigerian presidency.
“We are ready to invest $6 billion over the next few years. We are looking in depth at more opportunities for deepwater and gas production,” stated TotalEnergies CEO Patrick Pouyanné during talks with Head of State Bola Ahmed Tinubu in Abuja, the capital.
“Everything is in place. We just need to finalize the adjustments and changes needed to unlock the exceptional potential in oil and gas,” Pouyanné added, emphasizing the strategic importance of Nigeria for TotalEnergies, contributing between 8% and 10% to the group’s total oil production.
Pouyanné outlined a substantial portfolio of projects representing a potential $6 billion investment in the coming years. The Nigerian president pledged to “remove all obstacles in the oil and gas industry” and expressed readiness to collaborate, stating, “We are ready to work with you.”
This announcement follows similar commitments from British oil and gas giant Shell, which pledged $6 billion for offshore, natural gas, and liquefied natural gas (LNG) projects just ten days ago.
Since his inauguration in May, President Bola Ahmed Tinubu has implemented economic measures to attract more foreign investment to Nigeria, an oil-producing country and OPEC member. The Petroleum Industry Bill, passed in 2021 after prolonged debate and delays, aimed to enhance foreign investment in the oil sector through regulatory, royalty, and tax changes.
Nigeria has faced challenges in oil production due to issues such as pipeline theft, attacks, high operating costs, and bureaucratic hurdles, leading to a decline in production in recent years.
