Total’s Investment Portfolio for Deepwater Projects in Africa Hits $160 billion
By Ndubuisi Micheal Obineme
Mr. Mike Sangster, Managing Director, Total E&P Nigeria Limited, has said that Total has made a huge investment in deepwater water exploration activities in Africa and is ready to increase its investment drive in the region.
Sangster made this announcement during a panel session at the 4th Sub-Saharan Africa International Petroleum Exhibition and Conference (SAIPEC) in Lagos.
According to him, Total wants to continue to be the leader in the African oil and gas space.
He said: “We had spent $160 billion in deepwater exploration activities in Africa in the last 10 years. While, 20 percent of the amount was spent in Nigeria, reiterating Total’s commitment to increasing investment in the oil-rich nation.”
Sangster said Total has been having a business discussion with the Nigerian National Petroleum Corporation (NNPC) and is fully ready to assist Nigeria in achieving its target of producing three million barrels of crude oil per day.
In the past, Total CEO, Patrick Pouyanne led a high-powered delegation of the Oil and Gas Giant, comprised of the President, Exploration & Production, Arnaud Breuillac, Senior Vice President, E&P Africa, Nicolas Terraz, Country Chair / Managing Director of Total Upstream Companies in Nigeria, Mike Sangster, Deputy Managing Director, Deepwater District, Ahmadu-Kida Musa, and Executive Director, Corporate Affairs & Services, Abiodun Afolabi, in a strategic visit to Nigeria where he met the Honorable Minister of State for Petroleum Resources, Chief Timipre Sylva.
Pouyanne said the Group is committed to deepening investments in the country, stated that “Nigeria has a big potential that has not been fully explored and TOTAL is ready to open discussions for new licenses.
He said: “Nigeria is important to the TOTAL Group as the country now represents about 10% of the Group’s global production. Nigeria has a lot of prolific oil fields and Total would gladly carry out exploration activities if the government grants the license”.
He further stated that TOTAL will continue to invest more and it is imperative to have conversations that will ensure a rewarding investment structure.
He also reiterated the need for reinvestment stemming from the return on earlier investments with a focus on the practicality of the Egina Field while noting that “in a show of commitment, TOTAL is committed to reinvestments in the country from the proceeds of the Egina venture.”
