• Saturday, June 22, 2024
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Total E&P commits $5bn in Oil and Gas in five years

Total Exploration and Production Nigeria has invested $5 billion in the country, in the last five years, Nicolas Terraz, managing director disclosed this to members of the House of Representatives on Local Content when they paid him a courtesy visit.
The Total boss said the company had to do this despite the fairly challenging business environment due to the fall in oil prices because of the trust of the company in Nigeria.
He further shed some light on the progress the company has made on its major projects such as the OML 58 Upgrade, Ofon Phase 2 and Egina that are contributing substantially to the development of Nigerian content.
He added Total would from later this month, July, commence delivery of gas through its Northern Option Pipeline (NOPL) to Alaoji power plant, to improve electricity supply to Nigerians.
Also speaking, Ahmadu-Kida Musa, the deputy managing director, Deep Water District, expressed the company’s commitment to the development of local content and the overall development of the country.
“As at the time we approved the Egina Project, all the other oil companies were running from Nigeria. When we took the bold step, others were asking what we were seeing that they were not seeing and for Total, it was our absolute belief in Nigeria and Nigerians’ ability to manage the project. After three years, we are exceptionally proud of the project,” Musa said.
The chairman of the Committee, Emmanuel Ekon, who led about 12 other members of the committee on the visit, said it was a “friendly visit and not an oversight visit to Total.”
“As a Committee, we are impressed with what Total has done in Nigeria in the last 50 years. We are impressed with your contributions to the development of our oil and gas industry; the training of Nigerians and the transfer of technology to Nigerians,” Ekon said.
He also emphasised that the Nigerian government was ready to work with foreign companies who are ready to abide by the laws of Nigeria. “The parliament is ready to support any investor that will bring value to the country …and abide by the laws of Nigeria.”
Olusola Bello