TotalEnergies to finalize investment deal in north offshore project – Lokpobiri

• Published On: 21 October 2024 at 12:49

Heineken Lokpobiri, Minister of Petroleum Resources, has revealed that TotalEnergies is preparing to finalise an investment agreement in the North Offshore project, as well as joint ventures with Shell Petroleum Development Company and Nigerian National Petroleum Company Limited.

Lokpobiri made this statement after meeting with the President of TotalEnergies, Mr. Nicolas Terraz, in Abuja, according to Nairametrics.

He noted that the worldwide oil company's board just approved these projects, which are expected to be finished by the end of this year.

"Our energy sector has tremendous potential, and we will continue to ensure it remains a secure and attractive destination for investors like TotalEnergies," Mr. Terraz said. He also discussed the company's plans for additional investments in Nigeria, highlighting their Board's recent approval for investment in the Bonga North Offshore project and other joint ventures with SPDC and NNPCL, with a commitment to close these deals by the end of the year.

"I praised TotalEnergies for being a dependable and trustworthy partner in the growth of our oil sector, and I told Mr. Terraz that Nigeria remains completely committed to supporting and promoting additional investments in the sector. TotalEnergies' earlier requests are being fulfilled, and we are always ready and eager to create the essential conditions for the success of their enterprises," Lokpobiri stated.

The Minister emphasised the government's determination to make Nigeria a competitive and secure location for global energy investment.

He emphasised the importance of strategic collaborations with companies such as TotalEnergies for the sector's continued growth and development.

Lokpobiri also thanked TotalEnergies for its long-term partnership and dependability in Nigeria's oil and gas industry, stating that the government will continue to support the company's efforts.

Bonga North is a conventional oil development in deepwater off the coast of Nigeria, operated by Shell Nigeria Exploration & Production in collaboration with NNPCL.

The field, discovered in 2005, is part of block OML 118 (previously known as OPL 212P) and has a water depth of approximately 3,346 feet.