• Sat. Sep 30th, 2023

TotalEnergies invests $60bn in projects to support Nigeria’s economic growth

ByBassey Udo

Jul 6, 2021


As a demonstration of its commitment to the continued development of the Nigerian economy, TotalEnergies says it has invested over $60 billion in exploration and other projects in in the country’s oil and gas industry in the last few years.
The Deputy Managing Director, Deep Water District of the company, Victor Bamidele, said at the Ongoing Nigeria Oil and Gas (NOG) Conference in Abuja, on Monday when he spoke on the topic: “Expanding the Nigerian Content Frontiers through. intra-African Trade”
”TotalEnergies, as we are now called, has been in Africa for more than 80 years, and has been working in exploration activities in Nigeria for over 60 years.
”In the upstream sector, we have a diversified portfolio in Nigeria, with facilities spanning onshore, deep waters and LNG (liquefied natural gas). We are very proud of our strong partnership with the Nigerian National Petroleum Corporation (NNPC) and various partners over the years.
”Our upstream branch plays a significant economic and social role in Nigeria, contributing about 15 percent of the country’s total production.
”Nigeria, as one of our core areas of activities, is also crucial to TotalEnergies Group, accounting for 12 percent of equity oil and gas production.
“In the past few years ago, TotalEnergies has invested approximately about $10 billion in the country through the execution of various development projects,” he said.
Over the years, he said the company’s activities helped in creating jobs and many other benefits, in spite the challenging environment it operates.
Represented by Olalere Babasola, Executive Manager, Government Relations, he said as a Company, TotalEnergies strongly believed in the vast potentials in Nigeria.
He noted that EGINA Floating Production Storage and Offloading vessels (FPSO) was completed in 2018 and currently investing in the development of IKIKE Project.
Egina project, he said, was developed in 2013 after the Nigerian Oil and Gas Industry Content (NOGIC) Act was established, adding that it remained the company’s third-biggest FPSO project that has boosted local content.
In terms of employment, he said Egina project ensured over 47 million manpower development, about 77 percent of the total project workload, while 60 percent of fabrication was also in-country among many others.
“EGINA has increased Nigeria’s crude oil production capacity by 10 per cent,” he said. IKIKE development field in OML 99, 20 kilometres offshore, is being developed as a satellite terminal, in spite of its size and content objective.
”Our target is to achieve 90 percent local content, with 100 percent project management in-country, 100 percent detail and basic engineering in Nigeria, 100 percent procurement by locals 3000 direct jobs, refresher and on the job training,“ he said
The project, he said, is expected to facilitate entry-level training for 80 geoscience students in the country. On the theme for the 2021 NOG: ”Fortifying the Nigerian oil and gas industry for economic stability and growth”, he said with 18 oil-producing countries currently in Africa, African countries are among the top producers of oil globally, with a combined production capacity of about 7.9 million barrels per day in 2019.
This, he said, has made the sector important and must bring value to the continent through effective implementation of local content (NAN)

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