Total Energies Reaffirms Investment In 350mpd Bonga North Offshore, Other JV

Nigerian government has reiterated its commitment to ensuring a conducive operational environment for investors in the energy sector, with specific focus on the oil industry.

This assurance was made by the minister of state for petroleum resources (Oil), Heineken Lokpobiri, during a meeting with the president of TotalEnergies EP  Nicolas Terraz, in Abuja.

During the meeting, Terraz expressed his company’s satisfaction with the federal government’s ongoing efforts to provide a stable and investment-friendly climate.

Recall that Total E&P Nigeria holds a 12.5 per cent stake in the Bonga North field, which is operated by Shell Nigeria Exploration and Production Company (SNEPCo) with a 55 per cent interest.

Other partners include Esso Exploration & Production Nigeria (20 per cent) and Nigerian Agip Exploration (12.5 per cent) under a production sharing contract with the Nigerian National Petroleum Company The field which was discovered in 2005 and is expected to begin production in 2025, with a peak forecast for 2026, has an estimated capacity of 350 million barrels, contributing to Nigeria’s deepwater oil sector alongside the existing Bonga main field, which has produced over one billion barrels since 2005

The discussions focused on TotalEnergies’ desire to embark on further investments in Nigeria, particularly in the Bonga North Offshore project and joint Development Company (SPDC) and the Nigerian National Petroleum Company Limited (NNPCL).

These projects have recently received board approval, and Terraz noted that the company is working to finalise these deals by the end of the year.

“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 NNPC present,” said Terraz.

Lokpobiri, while commending TotalEnergies for being a trusted and longstanding partner in Nigeria’s oil and gas sector, assured the company of the government’s unwavering support. He emphasised that the federal government is fully committed to addressing any challenges that may have previously hindered investments, reaffirming Nigeria’s readiness to welcome more investments in the oil sector.

“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,” said Lokpobiri.

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 TotalEnergies will play a critical role in sustaining growth and development in the sector.

The discussions mark another step forward in fostering long-term partnerships with international investors, aimed at boosting production and ensuring sustainable development in Nigeria’s energy sector.