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The TotalEnergies-Nigeria gas project seems to be a monumental feat which would benefit both Nigeria and TotalEnergies once it takes shape. Being one of the largest energy companies in the world, TotalEnergies has shown interest to venture in Nigeria’s energy sector. The French-based company seeks to implement a $750M gas project in the West African nation in an aim to boost its LNG supplies. It is a project that shows that Nigeria’s efforts to revive investment in its hydrocarbon production are making progress. Earlier this year, the French company approved an investment of about $500 million in a joint venture. The venture was between TotalEnergies and the state-owned Nigerian National Petroleum Co. to develop the Ubeta Onshore field. Moreover, the project proves fundamental, with an output of 300 million cubic feet per day. It is expected to boost supply to the Nigerian Liquefied Natural Gas plant.
The State of Affairs Regarding the TotalEnergies-Nigeria Gas Project
The implementation of the TotalEnergies-Nigeria gas project seems to be one that has various aspects involved in it. “We have another dry gas project called Ima which we hope to sanction next year for about $750 million,” noted Mike Sangster. The senior vice president Africa, exploration and production at TotalEnergies noted these remarks at a French-Nigeria business forum. The company seeks to implement the shallow-water project with a local partner to boost supply to the LNG facility. President Bola Tinubu has shown utmost commitment in improving the energy sector since coming to office. He has endeavored to address challenges in the oil and gas sector, signing two executive orders this year to boost efficiency. |
