TotalEnergies plans to invest up to $6 billion in Nigeria, Africa’s largest oil producer, as international oil companies shift focus from onshore to offshore operations. The French company supports the current administration’s policies and efforts to resolve insecurity issues in the industry.
Nigeria contributes 8-10% of TotalEnergies’ global output and 18% of its investments, but has been struggling to retain its interest in offshore assets due to their vulnerability to insecurity and vandalism. TotalEnergies has announced plans to offload its 10% minority stake in a joint venture holding 20 onshore and shallow water permits in Nigeria.
The company has also struck a deal with NNPCL to execute methane detection and measurement campaigns using drone-based AUSEA technology. Nigeria is on a drive to ramp up oil output, which hit a multi-decade low last year due to oil theft, vandalism, and decrepit infrastructure.
