Lokpobiri: TotalEnergies to invest in Bonga offshore project

Heineken Lokpobiri, the minister of state for petroleum resources (oil), says TotalEnergies plans to invest in the Bonga north offshore project.

In a statement on Saturday, Lokpobiri said he met with Nicolas Terraz, the president of TotalEnergies Exploration and Production (E&P), who confirmed the company’s board approved the investment.

He said Terraz expressed TotalEnergies’ satisfaction with the efforts of the federal government in ensuring a conducive operational environment for investors.

According to the minister, Terraz said TotalEnergies will also invest in other joint ventures with Shell Petroleum Development Company of Nigeria (SPDC) Limited and Nigerian National Petroleum Company (NNPC) Limited.

“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,” Lokpobiri 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.

“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 also said every necessary assurance to investors must not only be given but must also be visibly demonstrated.

The Bonga offshore project is a floating production, storage, and off-loading (FPSO) vessel with a capacity to produce 225,000 barrels per day.

It began operations in 2005 and is anchored 120 kilometres offshore in the Gulf of Guinea.

The vessel is a joint venture between NNPC, Shell Nigeria Exploration and Production Company Limited (SNEPCo), TotalEnergies E&P, Nigerian Agip Oil Company (NAOC), and Esso Exploration and Production Nigeria Limited.