Daily Newsletter

20 December 2023

Daily Newsletter

20 December 2023

TotalEnergies plans $6bn investment in Nigerian oil and gas assets

The French company also signed a deal with the Nigerian National Petroleum Corporation (NNPC) to undertake methane detection and measurement campaigns.

Archana Rani December 19 2023

TotalEnergies has pledged $6bn (€5.47bn) of investment to boost its oil and gas operations in Nigeria over the coming years.

The company plans to make investments in offshore oil projects and gas production assets across all terrain.

TotalEnergies’ reaffirmation of its long-term partnership with the country was made by its chairman and CEO Patrick Pouyanné during a meeting with Nigeria President Bola Ahmed Tinubu in Abuja.

Pouyanné also discussed with Tinubu ways to improve the investment climate and security of operations, TotalEnergies' future investment programme in the country, and the French company’s efforts to support Nigeria’s plan to reduce carbon emissions.

The company has also signed a cooperation agreement with Nigeria's state oil company, NNPC, to undertake methane detection and measurement campaigns.

As part of this agreement, the parties will make use of advanced drone-based AUSEA technology at oil and gas facilities in Nigeria.

Pouyanné said: “TotalEnergies is pleased to announce the end of routine flaring in its operations in Nigeria and the sharing of our in-house AUSEA technology with NNPCL, concretely supporting NNPCL to deliver the commitment taken at COP28 by endorsing the Oil & Gas Decarbonization Charter.

“We had a very constructive and pragmatic discussion today with President Tinubu on key actions Nigeria should take to attract increased investment in the country.”

Recently, TotalEnergies agreed to sell a stake in National Petroleum Refiners of South Africa (Natref) to energy company Prax Group.

Under the deal, TotalEnergies’ subsidiary, TotalEnergies Marketing South Africa, will sell its 36.36% interest in the Natref refinery to Prax.

Natref is a joint venture between TotalEnergies Marketing South Africa (36.36%) and Sasol (63.64%).

Top Themes in Tech, Media, and Telecom in 2024

A comprehensive outlook for the leading players across the TMT industry, based on the key themes set to transform the industry landscape over the next two years. You will not find a better guide to technology in 2024.

Newsletters by sectors

close

Sign up to the newsletter: In Brief

Visit our Privacy Policy for more information about our services, how we may use, process and share your personal data, including information of your rights in respect of your personal data and how you can unsubscribe from future marketing communications. Our services are intended for corporate subscribers and you warrant that the email address submitted is your corporate email address.

Thank you for subscribing

View all newsletters from across the GlobalData Media network.

close