TotalEnergies Reaffirms Long-Term Commitment to Nigeria’s Oil and Gas Sector
By NaijaEnquirer Staff
TotalEnergies has reiterated its commitment to long-term investments in Nigeria, providing updates on its operations and future plans. The company confirmed that additional wells had been successfully drilled, ensuring stable production levels.
Mr. Nicolas Terraz, President, Exploration & Production at TotalEnergies SE, emphasized the company’s dedication to Nigeria’s energy ambitions despite its recent divestment from the Bonga North project. He stated, “TotalEnergies is fully committed to supporting Nigeria’s energy goals. Our continued investment in projects like Ubeta demonstrates our long-term vision, even as we responsibly rebalance our portfolio with the divestment in Bonga North.”
These remarks were made during a meeting with the Minister of State for Petroleum Resources (Oil), Senator Heineken Lokpobiri, in Abuja. The Minister assured that the Federal Government remains focused on boosting crude oil output through targeted incentives and partnerships with international oil companies.
During the session, TotalEnergies confirmed the transfer of its stake in the Bonga North development to Shell. Senator Lokpobiri praised TotalEnergies as a strategic partner in Nigeria’s upstream oil and gas sector, highlighting the importance of government incentives to sustain production growth and encourage new drilling activities.
In a statement released by Nneamaka Okafor, Special Assistant on Media and Communications to the Minister, Lokpobiri noted, “Our support and incentives as a Government have continued to inspire a production trajectory that aligns with our goal of ramping up production. We are committed to implementing the deepwater incentives to ensure this momentum is sustained and not eroded.”
The Minister also emphasized that while asset divestments are supported, they must be backed by proven operational capacity. “It is critical that there is demonstrated capacity to manage the assets being transferred,” he added.
The engagement reaffirmed Nigeria’s commitment to providing a stable operating environment for investors and ensuring increased production to meet both local and international demand.
