November 29, (THEWILL) – French energy giant, TotalEnergies SE, says it hope to sanction another investment plan of about $750 million gas project in Nigeria next year.
“We have another dry gas project called Ima which we hope to sanction next year for about $750 million”, Mike Sangster, senior vice president Africa, exploration and production at TotalEnergies, said at a France-Nigeria business forum in Paris Friday.
Earlier, TotalEnergies had on October 11, approved an investment of about $500 million in a joint venture with the Nigerian National Petroleum Company (NNPC) Limited, to develop the Ubeta onshore field. That project with output of 300 million cubic feet per day will boost supply to the Nigerian Liquefied Natural Gas plant.
“There’s still more to be done in terms of regulation, simplifying, accelerating the process, but we have appreciated some of the changes that have been made over the past year. They have given us now the incentive or the motivation to go ahead and renew our investments in Nigeria so that we can stop the decline and start to increase production”, Sangster added.
He called for further relaxation in local content rules to encourage international contractors specialised in deep-water projects to return to Nigeria, which would in turn stimulate competition and unlock some investments that have been put on hold.
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