Major Oil Company Moves to Crash Gas Prices, Invest $6 Billion in Production Plant in Nigeria
- TotalEnegy has revealed plans to deepen its investment in Nigeria's oil and gas industry
- The company told President Tinubu that it is ready to pump about $6 billion into gas production in Nigeria
- Tinubu assured the oil firm of his company's commitment to achieving a thriving investment climate
Pascal Oparada has over a decade of experience covering Tech, Energy, Stocks, Investments, and Economy.
In a moving message to the international investment community on Monday, December 18, 2023, President Bola Tinubu assured investors that his government would make Nigeria the top destination for offshore and onshore investments.
The president said the country is committed to removing all the obstacles and ant-investment constraints in the oil and gas industry.
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Tinubu makes bold promise as company commits to invest in Nigeria
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He stated that Nigeria has a clear path it is committed to pursuing to achieve a robust investment climate.
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The development comes as Group Chairman and CEO of TotalEnergies Worldwide, Patrick Pouyanne, visited the president in Abuja.
The TotalEnergy boss disclosed his company's plans to invest $6 billion in deepwater and gas production opportunities across Nigeria's oil and gas sector.
Ajuri Ngelale, Tinubu's media adviser, revealed this in a statement on Monday, December 18, 2023.
Tinubu commended TotalEnergies for its years of investments in Nigeria's oil and gas industry, proving its commitment and confidence in Nigeria.
The president assured the team that his government had decided to improve the investment environment in Nigeria.
He disclosed that the Petroleum Industry Act aims to create a favorable investment and work environment.
He said:
Punch reports that Tinubu promised to review cumbersome areas, fiscally and otherwise, to reward gas production in the transition to a cleaner energy era.
Tinubu said:
"We are ready to make a difference as a government. Our good handshake is for partnership and to accelerate and incentivize gas production in pursuit of the energy transition."
Oil company commits to deepening gas exploration in Nigeria
The TotalEnergy boss told Tinubu that Nigeria was critical for the company as it accounts for eight to 10% of its global production and over 18% of global investment.
Pouyanne said the firm is ready to invest $6 billion in deepwater production and gas opportunities across the landscape in the coming years.
Pouyanne said:
"We welcome your policies and commitment to ensuring that all required fiscal incentives are provided while security issues are tackled. Everything is here.
He stressed the company's commitment to having its net-zero gas flaring position in Nigeria to repair the environment and monetize all gas resources to support Nigeria's energy transition plan.
After setting up a refinery to rival Dangote, Nigerian billionaire signs deal to build a gas plant
Legit.ng reported that The BUA Group has signed a partnership agreement with CIMC ENRIC, a global energy equipment manufacturer, to build a 700-ton-per-day mini LNG project in Nigeria.
According to a statement by the BUA Group, the signing ceremony took place in the company’s headquarters in Lagos on Monday, December 18, 2023
The partnership is a significant step in the group’s expansion into the energy sector and its commitment to sustainable energy in Nigeria.
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Source: Legit.ng
