The Minister of Petroleum Resources (Oil), Heineken Lokpobiri, has said TotalEnergies, an international oil major, is prepared to complete an investment deal in the North Offshore project as well as other joint ventures with Shell Petroleum Development Company (SPDC) and the Nigerian National Petroleum Company Limited.
Lokpobiri made this disclosure following a meeting with the President of EP Total Energies, Mr Nicolas Terraz, in Abuja.
He revealed that these projects have recently received board approval of the international oil company, and will be completed by the end of the year.
“Our energy sector holds tremendous potential, and we will continue to ensure it remains a secured and attractive destination for investors like TotalEnergies, even as Mr. Terraz spoke on the company’s plans for further 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, committing to closing these deals before year-end.
“I commended TotalEnergies for being a reliable and trusted partner in the development of our oil sector and I assured Mr. Terraz that Nigeria is fully committed to supporting and encouraging further investments in the sector. The requests previously made by TotalEnergies are being addressed, and we remain ever ready and willing to provide the necessary conditions for the success of their ventures,” Lokpobiri said.
The Minister further reiterated the government’s dedication to ensuring that Nigeria remains a competitive and secure destination for global energy investments, noting that strategic partnerships with companies like Total Energies will play a critical role in sustaining growth and development in the sector.
In addition, Lokpobiri lauded the company for its long-standing partnership and reliability in Nigeria’s oil and gas sector, assuring the government’s continued support.
What you should know
- Bonga North is a conventional oil development situated in deepwater off the coast of Nigeria, operated by Shell Nigeria Exploration & Production and Nigerian National Petroleum Corporation Limited (NNPCL).
- The field, discovered in 2005, forms part of block OML 118 (formerly known as OPL 212P) and lies at a water depth of approximately 3,346 feet.
- Shell’s exploration activities in this block align with the company’s strategic focus on deepwater production in Nigeria.
- According to GlobalData, a research firm that monitors over 34,000 active and developing oil and gas fields worldwide, Bonga North stands out as one of the significant discoveries contributing to the country’s offshore oil output, reinforcing Nigeria’s position as a key player in the global energy market.