TotalEnergies, a prominent French energy company, is set to invest approximately $750 million in a gas project in Nigeria by 2025. This announcement was made by Mike Sangster, the company’s Senior Vice President for Africa, during the France-Nigeria Business Forum held in Paris on November 29, 2024.
Sangster mentioned, “We have another dry gas initiative named Ima, which we anticipate moving forward with next year for around $750 million.” He highlighted that this investment is intended to aid in revitalizing Nigeria’s hydrocarbon production.
Earlier this year, TotalEnergies approved a $500 million investment in collaboration with the Nigerian National Petroleum Company (NNPC) Limited to develop the Ubeta onshore field, which has a production capacity of 300 million cubic feet of LNG per day.
Sangster urged for further easing of local content regulations to attract international contractors with expertise in deep-water projects back to Nigeria, which could enhance competition and unlock previously stalled investments.
He said, “While there is still much work to be done regarding regulations and streamlining processes, we recognize the progress made over the past year. These changes have encouraged us to renew our investments in Nigeria, aiming to halt the decline and begin increasing production.”
