In a bid to scale up investment in the Nigerian upstream sector, French Exploration and Production giant TotalEnergies EP has reiterated the company’s commitment to boost the nation’s crude oil production output through fresh investment in the Bonga North Offshore project and others.  

The company’s President EP TotalEnergies made this latest investment disclosure, Mr. Nicolas Terraz during his courtesy visit to the Nigerian Minister of State for Petroleum, Senator Heineken Lokpobiri.

According to the Minister via his verified Twitter handle, the company’s investment assurance in the Nigerian upstream sector is a demonstration and commitment of trust and belief in the Nigerian energy sector and the present administration of President Bola Ahmed Tinubu.

“Every necessary assurance to investors must not only be given but must also be visibly demonstrated. I made this remark while receiving the President EP TotalEnergies, Mr. Nicolas Terraz, who visited to express the company’s satisfaction with the efforts of FG in ensuring a conducive operational environment for investors and also to discuss potential future investments in Nigeria,” He said.

“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. He added.

The Minister further disclosed the commitment noting that deals are expected to be sealed before end of 2024 as the TotalEnergies board has already granted necessary approvals for these investments in the Nigeria upstream sector.

“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,” Sen. Lokpobiri asserted.

“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,” He concluded.

Facts About Bonga North Project

Bonga North project would be a tie-back project that would unlock about 350 million barrels of oil equivalent and extend the life of Bonga Floating Production Storage and Offloading (FPSO) for another 15 years

The project is currently in the feasibility stage and is expected to start commercial production in 2025. The final investment decision (FID) of the project will be approved in 2024. The development cost is expected to be $5,455 m.

Field participation details

The field is owned by Eni, Exxon Mobil, Shell, and TotalEnergies.

Production from Bonga North

Production from the Bonga North conventional oil development project is expected to begin in 2025 and is forecast to peak in 2026, Based on economic assumptions, the production will continue until the field reaches its economic limit in 2063.