TotalEnergies pledges $6 billion in Nigeria oil, gas investments
PARIS, Dec 18 (Reuters) — TotalEnergies reaffirmed its commitment to business interests in Nigeria, the French company said, adding that its head Patrick Pouyanne had met Nigeria President Bola Tinubu in Abuja on Monday.
TotalEnergies said it had signed a co-operation agreement with Nigeria’s state oil firm NNPC Ltd to carry out methane detection and measurement campaigns using its advanced drone-based AUSEA technology on oil and gas facilities in Nigeria.
TotalEnergies pledged to “invest $6 billion in the coming years,” with focus on offshore oil projects and gas production across all terrain, Tinubu’s office said in a statement, citing Pouyanne.
Tinubu’s meeting with Pouyanne follows similar talks with oil majors Shell and Exxon Mobil as part of moves to attract capital to Africa’s top energy producer.
Oil output from Nigeria, Africa’s biggest economy, has been in decline for years, hobbled by large-scale theft and sabotage. It has picked up in recent months, helped by offshore production that is less prone to attacks.
Tinubu pledged to remove “anti-investment impediments in the oil and gas industry” and provide incentives to producers to help boost gas output. (Reporting by Sudip Kar-Gupta and Felix Onuah; Editing by Tomasz Janowski, Elisha Bala-Gbogbo and Bill Berkrot)
Related Knowledge Center: Climate economics
Climate change is now a driver of the world’s economy. The impact is profound:
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On top of all of this is the cost of uncertainty. As the Fourth National Climate Assessment, released in 2018 by the U.S. Global Change Research Program, says, “The assumption that current and future climate conditions will resemble the recent past is no longer valid.”