French energy giant TotalEnergies has reiterated its commitment to investing in Nigeria by unveiling a $6 billion (5.5 billion euros) investment plan spread across multiple years in the country’s oil and energy sector, with a primary focus on gas and offshore projects.

The company disclosed that its CEO, Patrick Pouyanne engaged in discussions with Nigerian President Bola Tinubu and formalized a cooperation agreement with Nigeria’s state oil firm, NNPC Ltd.

The agreement outlines plans to conduct methane detection and measurement campaigns using TotalEnergies’ cutting-edge drone-based AUSEA technology on various oil and gas facilities in Nigeria.

According to Pouyanne Nigeria was “very important” for Total Energies, accounting for 8 to 10 per cent of the company’s worldwide total production and over 18 per cent of its global investment

What the CEO said:
“Mr. President, we are ready to invest $6 billion in the coming years. We are looking extensively at more deepwater production and gas production opportunities across the terrain. We welcome your policies and your personal commitment to ensuring that all required fiscal incentives are provided while security issues are tackled. Everything is here,”

“We just need to conclude with the tweaks and changes necessary to unlock the outstanding potential in both oil and gas,” he stated.

President Tinubu also commended Total Energies for its years of exploration and investment in Nigeria’s oil and gas sector, citing the feat as evidence of the company’s commitment and confidence in Nigeria.

“We are committed to removing all cobwebs and anti-investment impediments in the oil and gas industry. We have a clear path that we are committed to pursuing. We are ready to work with you,” President Tinubu said.

Source: Business Insider