French oil and gas giant TotalEnergies has announced plans to invest $6bn in Nigeria in the next years.
According to a statement released by the Presidency of Nigeria, the promised sum will be invested in both offshore and onshore projects. News of the investment comes as Nigeria is looking to cut down on red tape hindering investment in its oil and gas sector.
“We are committed to removing all cobwebs and anti-investment impediments in the oil and gas industry,” said Nigeria’s President Bola Ahmed Tinubu. “We have a clear path that we are committed to pursuing. We are ready to work with you.”
Over the past ten years, TotalEnergies has invested significantly in Nigeria – including projects like Egina, Ofon Phase 2, the OML 58 Upgrade and Ikike – becoming the largest private investor in the country’s energy sector.
The French giant’s list of foreign direct investment projects in Africa continues to expand after the company promised last week to build a 216MW solar plant in South Africa alongside a 500MWh battery storage system, expected to cover intermittent energy production.
However, a report published in November 2022 by Greenpeace and Factor-X accused the oil major of emitting about 1.64 billion tonnes of carbon dioxide equivalent in 2019. According to the report, TotalEnergies disclosed only 455 million tonnes in public statements – around four times less than the real amount of emissions.
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In addition to the $6bn round of investment announced yesterday (18 December), TotalEnergies signed a cooperation agreement with the Nigerian National Petroleum Corporation (NNPCL) to carry out methane detection and measurement campaigns using drone-based technology AUSEA on its oil and gas facilities in Nigeria. The announcement follows similar agreements signed ahead of COP28 with three other national oil and gas companies around the world, such as Petrobras in Brazil, SOCAR in Azerbaijan and Sonangol in Angola.
Patrick Pouyanné, TotalEnergies CEO and Chairman, 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 to COP28 by endorsing the Oil & Gas Decarbonisation 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.”