The Federal Government has reiterated its commitment to fostering increased crude oil production via supportive policies, incentives, and strategic partnerships with international oil companies (IOCs).
The reassurance came amid a courtesy visit by Mr. Nicolas Terraz, President, Exploration & Production at TotalEnergies SE, to the Minister of State for Petroleum Resources (Oil), Senator Heineken Lokpobiri, in Abuja.
Sharing updates on TotalEnergies’ ongoing and future operations in Nigeria, Mr. Terraz confirmed the successful drilling of additional wells.
He highlighted their continued stability of production, noting the company’s divestment of its interest in the Bonga North project to Shell.
“TotalEnergies is fully committed to supporting Nigeria’s energy goals. Our continued investment in projects like Ubeta demonstrates our long-term vision, even as we responsibly rebalance our portfolio with the divestment in Bonga North,” he said.
Reacting, Senator Lokpobiri hailed TotalEnergies for being a dependable and strategic partner to Nigeria, commending the company’s dedication to both existing and new developments.
He reaffirmed the government’s readiness to aid upstream investments through favourable policies and a stable operating environment.
Lokpobiri concluded by emphasising the need for continuous investment in the sector, stressing that the country cannot meet its production targets without fresh investments or increased drilling activities.
“Our support and incentives as a Government have continued to inspire a production trajectory that aligns with our goal of ramping up production. We are committed to implementing the deepwater incentives to ensure this momentum is sustained and not eroded.
We are absolutely in support of divestments where necessary, but it is critical that there is demonstrated capacity to manage the assets being transferred. Our expectation is that companies invest in every asset they hold, but where that is not possible, farm-outs and partnerships are welcome. We are always open to discussions aimed at building consensus and achieving shared objectives,” he added.
