… As FG Pledges To Support Oil & Gas Investors
TotalEnergies is optimistic about finalising its investment decisions on the Bonga North Offshore project, along with key joint ventures with the Nigerian National Petroleum Company Limited (NNPCL) and Shell Petroleum Development Company (SPDC).
President EP TotalEnergies, Mr. Nicolas Terraz, said that the firm’s board had approved the projects.
The energy giant disclosed this in a statement at the end of a meeting between the Minister of State for Petroleum Resources (Oil), Senator Heineken Lokpobiri and its president, Terraz.
The firm said the decision was inspired by the commitment of the Nigerian government and regulators to open up the oil and gas industry for investment.
According to TotalEnergies, the discussion with the Nigerian authorities was centered on its investment in the country.
Total expressed strong interest in the Bonga North Offshore project and joint ventures with NNPCL and Shell.
“TotalEnergies is glad to see the positive steps taken by the Nigerian government in creating a conducive environment for business. We remain committed to further deepening our investments in Nigeria, especially with the opportunities that projects like Bonga North Offshore and our joint ventures with SPDC and NNPCL present,” said Mr. Terraz.
Terraz said aside receiving board approval, the firm is working to finalize these deals by the end of the year.
Reacting to the investments move by Totalenergies, the minister of State Petroleum (Oil) assured the company of the government’s unwavering support.
Lokpobiri assured Totaenergies that the government would address challenges that may have previously hindered investments.
He also reaffirmed Nigeria’s readiness to welcome more investments in the oil sector.
Lokpobiri said, “Every necessary assurance to investors must not only be given but must also be seen to have been made. We understand the importance of creating an environment where investors can confidently expand their operations, and I can assure you that the requests made by TotalEnergies in the past are being addressed.
“Nigeria remains ever ready and willing to facilitate more investments in the oil sector.”