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TotalEnergies, a French multinational integrated energy and petroleum company, has pledged to invest $6 billion in Nigeria for offshore oil projects and gas production across the country.
This was revealed by Patrick Pouyanne, chief executive officer at TotalEnegies, who met with President Bola Tinubu in Abuja on Monday, reaffirming its commitment to business interests in Nigeria
TotalEnergies pledged to “invest $6 billion in the coming years,” with a focus on offshore oil projects and gas production across all terrain, according to a statement.
“We will review troublesome areas, fiscally and otherwise, to incentivize gas production in the age of transition to cleaner energy. We are ready to make a difference as a government,” the statement said.
Tinubu’s meeting with Pouyanne follows similar talks with oil majors Shell and Exxon Mobil as part of moves to attract capital to Africa’s top energy producer.
Oil output from Nigeria, Africa’s biggest economy, has been in decline for years, hobbled by large-scale theft and sabotage. It has picked up in recent months, helped by offshore production that is less prone to attacks.
The president pledged to remove “anti-investment impediments in the oil and gas industry” and provide incentives to producers to help boost gas output.
