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TotalEnergies EP invests $30 bln in Nigeria oil & Gas sector in 8-year ~NCDMB

French oil major, TotalEnergies EP Nigeria Limited, has invested almost $30 billion in Nigeria’s oil and gas sector within the space of eight years, according to a senior government official.

The company had made a lot of investments in developing the country’s oil resources since it began operation in the last 60 years, the Executive Secretary of the Nigerian Content Development and Monitoring Board (NCDMB), Simbi Wabote said.

Wabote, who spoke at the weekend in Lagos criticised Shell, ExxonMobil and Chevron – three of the five oil majors in the country – over their apparent withdrawal from investing further in Nigeria’s oil and gas sector, urging them to emulate TotalEnergies’ sustained investments in the country and resume their investments.

Wabote said TotalEnergies had invested immensely in Nigeria and deserved commendation for remaining consistent in investing in the country’s oil sector. He said with the amount of investments TotalEnergies had put into the country’s oil and gas sector since its entrance into the space, there was no basis for comparing it with that of Shell, Chevron and ExxonMobil.

“Total has invested so much in Nigeria since the last 60 years. At the last count, we are looking at almost $30 billion worth of investment in Nigeria within a space of eight years.

“The amount of money Total has invested in this country, when you compare that with other IOCs, like Shell, Chevron, ExxonMobil, there is no basis for comparison,” NCDMB scribe said.

Specifically criticising Shell for refusing to invest to develop the protracted Bonga Southwest project, which had been on the drawing board for many decades, Wabote said, on the other hand, TotalEnergies had started and completed many projects that were producing oil and gas in the country.

Bonga Southwest is among the oil assets that the government has been banking on to achieve its plan of increasing Nigeria’s oil reserves and production.

“We started discussing Bonga Southwest before I was born, Total took FID – (Final Investment Decision) on Usan. We were still discussing Bonga Southwest when I got married, Total took FID on Egina. We were still discussing Bonga Southwest, when I had my first child, Total took FID on Ikike. I will go on and on and on,” Wabote said.

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The executive secretary argued that his job as local content chief executive would not have existed if there was no project, adding that he needs no apology for praising companies keeping him in the service through undertaking projects that create value for the country.

“Let me use Total to challenge Shell. Unfortunately, I’ve not seen Chevron here and I’ve not seen ExxonMobil. I will use Total to continue to challenge them. Total is also one of the investors of NLNG Train 7, which is the most important investment in the whole of the country.

“So, we should understand what Total is doing. This is a celebration that we should all partake in, for keeping faith in this country, and remaining in this country for 60 years is no mean feat. I encourage you to, please, remain with us,” Wabote added.

In his address, President, Exploration and Production, TotalEnergies Group, Nicolas Terraz, assured that Nigeria remained at the heart of the company’s strategy, pledging to continue investing in the country. Terraz said with the company’s first oil discovery in 1964, and the subsequent commencement of production from the Obagi field, TotalEnergies E&P took its first steps into a future that was yet to unfold.

According to him, with new fields and increased productivity, the company has continued to expand and evolve, leading to its current position as the second largest operator in Nigeria, accounting for 20 per cent of the country’s oil and gas production.

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