TotalEnergies To Intensify Oil Production In Next 5 Years

Oil major, TotalEnergies has pledged to upscale investment in Nigeria, targeting more oil and gas production in the next five years.

The firm said, it is also deepening partnership with the federal government to achieve its target of providing electricity to 80 per cent of the population by 2030.

In his remarks at the opening of the 2022 Nigeria Oil and Gas Conference (NOG), in Abuja yesterday, the deputy managing director, TotalEnergies Exploration and Production,

Victor Bandele, said, the company is diversifying into new energy space but with key focus on gas which is Nigeria’s current consideration towards her energy transition drive,

He added that, as an integrated energy company, it currently produced 20 per cent of gas supply for domestic use and to the Nigerian Liquefied Natural Gas(NLNG).

He said, in the next five years, the company will focus on producing more oil and gas while at the same time promote new investment in its energy mix initiative.

Bandele urged stakeholders to key into Nigeria’s gas implementation programme, saying, TotalEnergies as a company, ‘represent energy growth in Nigeria and Africa as a whole.’

As an energy integrated company, TotalEnergies is not only the second highest supplier of gas but controls 536 petroleum products dispensing outlets with 30 per cent running on solar power as a demonstration of its avowed commitment to renewable energy development.

In his opening statement, the executive secretary of the Nigerian Content Development and Monitoring Board(NCDMB), Simbi Kesiye Wabote commended TotalEnergies for being the only international oil and gas operating company in Nigeria that has been taking financial investment decisions (FIDs) on major projects in the last ten years.

Wabote, also commended TotalEnergies’ ‘sustained investment’ in the gas sector and renewable energy.

Meanwhile, Bandele said, the company is exerting energy to ensure its Ikike oil field development project is completed on schedule and hopefully strike the first oil in 2022.

Ikike oil field is located in a water depth of 20 m in the Oil Mining Lease (OML) 99, approximately 20km offshore Nigeria. The OML 99 is owned by a joint venture (JV) comprising Total E&P Nigeria (40 per cent, operator) and Nigeria National Petroleum Corporation (NNPC, 60 per cent).

The JV signed the Nigerian Content Compliant Certificates (NCCCs) with Nigeria Content Development and Monitoring Board (NCDMB) in July 2019, moving the project into the tendering and execution phase.

Total is expected to invest $500 million in the project, which is forecast to produce 32,000 barrels of oil per day when fully operational.

The Ikike oil field lies in the OML 99 license, which the Total and NNPC JV operates together with two other blocks OML 100 and OML 102.