This information was shared after Lokpobiri's meeting with Mr. Nicolas Terraz, the President of EP Total Energies, in Abuja.
He indicated that these initiatives have recently secured board approval from the international oil company and are expected to be completed by the year's end.
“Our energy sector holds tremendous potential, and we will continue to ensure it remains a secured and attractive destination for investors like TotalEnergies, even as Mr. Terraz spoke on the company’s plans for further investments in Nigeria, highlighting their Board’s recent approval for investment in the Bonga North Offshore project and other joint ventures with SPDC and NNPCL, committing to closing these deals before year-end.
“I commended TotalEnergies for being a reliable and trusted partner in the development of our oil sector and I assured Mr. Terraz that Nigeria is fully committed to supporting and encouraging further investments in the sector. The requests previously made by TotalEnergies are being addressed, and we remain ever ready and willing to provide the necessary conditions for the success of their ventures,” Lokpobiri said.
The Minister emphasized the government's commitment to maintaining Nigeria as a competitive and secure hub for international energy investments, highlighting that strategic collaborations with firms such as Total Energies are essential for fostering growth and development within the sector.
Additionally, Lokpobiri praised the company for its enduring partnership and dependability in Nigeria's oil and gas industry, promising the government's ongoing support.
Bonga North is a conventional oil development located in deepwater off Nigeria's coast, managed by Shell Nigeria Exploration & Production in conjunction with the Nigerian National Petroleum Corporation Limited (NNPCL). Discovered in 2005, this field is part of block OML 118 (previously known as OPL 212P) and is situated at a water depth of around 3,346 feet.
Shell's exploration efforts in this block are in line with the company's strategic emphasis on deepwater production in Nigeria. According to GlobalData, a research organization that tracks over 34,000 active and developing oil and gas fields globally, Bonga North is recognized as a significant discovery that enhances the country's offshore oil production, solidifying Nigeria's role as a major player in the global energy landscape.
Recently, these projects have gained approval from the board, and Terraz indicated that the company is aiming to finalize these agreements by year-end.
“TotalEnergies appreciates the proactive measures taken by the Nigerian government to foster a favorable business climate.
We are dedicated to enhancing our investments in Nigeria, particularly with the prospects offered by initiatives such as Bonga North Offshore and our collaborations with SPDC and NNPC,” stated Terraz.
Lokpobiri praised TotalEnergies for its reliability and long-standing presence in Nigeria’s oil and gas industry, assuring the company of the government's steadfast support. He highlighted the federal government's commitment to resolving any past issues that may have obstructed investments, reaffirming Nigeria’s openness to attracting further investments in the oil sector.
“It is essential that all necessary assurances to investors are not only provided but also visibly implemented. We recognize the significance of cultivating an environment where investors can confidently grow their operations, and I assure you that the concerns raised by TotalEnergies previously are being addressed. Nigeria is always prepared and eager to facilitate additional investments in the oil sector,” Lokpobiri remarked.
The minister also emphasized the government’s commitment to ensuring that Nigeria remains a competitive and secure hub for global energy investments, noting that strategic alliances with firms like TotalEnergies are vital for sustaining growth and development in the sector.
These discussions represent a significant advancement in nurturing long-term partnerships with international investors, aimed at enhancing production and promoting sustainable development within Nigeria’s energy sector.