Nigeria ready to receive $6 billion investment from TotalEnergies

French energy giant TotalEnergies has expressed readiness to invest $6 billion (approximately €5.5 billion) over several years in Nigeria’s energy sector, with a focus on gas and offshore projects. The announcement was made during talks between TotalEnergies CEO Patrick Pouyanné and Nigerian Head of State Bola Ahmed Tinubu in Abuja. Pouyanné highlighted Nigeria’s significance for TotalEnergies, representing 8-10% of the group’s total oil production.

The CEO mentioned that everything is in place, and they are exploring opportunities for deepwater and gas production, with the potential for a substantial portfolio of projects requiring $6 billion in investment over the coming years. Tinubu pledged to remove obstacles in the oil and gas industry and expressed readiness to collaborate with TotalEnergies.

This commitment from TotalEnergies follows a similar announcement from British oil and gas giant Shell, which also pledged $6 billion for offshore, natural gas, and liquefied natural gas (LNG) projects in Nigeria.

The Nigerian president has been actively pursuing economic measures to attract foreign investment to the country’s oil sector, including the adoption of the Petroleum Industry Bill in 2021. Nigeria has faced challenges such as declining oil production due to pipeline theft, attacks, high operating costs, and bureaucratic hurdles that deter investors.