Tinubu, TotalEnergies Parley Yield Fruit As French Giant Pledges $6 billion in Nigeria oil, Gas Investments

The French company, TotalEnergies, stated that its CEO, Patrick Pouyanne, had met with Nigerian President Bola Tinubu in Abuja on Monday and reiterated the company’s commitment to economic interests in Nigeria.

TotalEnergies said that it has inked a cooperation agreement with NNPC Ltd, the state oil company of Nigeria, to conduct methane detection and measurement campaigns on Nigerian oil and gas facilities through the use of its cutting-edge drone-based AUSEA technology

TotalEnergies pledged to “invest $6 billion in the coming years,” with focus on offshore oil projects and gas production across all terrain, Tinubu’s office said in a statement, citing Pouyanne.

Tinubu’s meeting with Pouyanne follows similar talks with oil majors Shell (SHEL.L) and Exxon Mobil (XOM.N) as part of moves to attract capital to Africa’s top energy producer.

Oil output from Nigeria, Africa’s biggest economy, has been in decline for years, hobbled by large-scale theft and sabotage. It has picked up in recent months, helped by offshore production that is less prone to attacks.

Tinubu pledged to remove “anti-investment impediments in the oil and gas industry” and provide incentives to producers to help boost gas output.