At a Paris business forum, TotalEnergies announced plans to approve a $750 million Nigerian gas project next year.
The Ima project aims to boost LNG supply, supporting Nigeria’s drive to revitalise its hydrocarbon sector.
At the business forum in Paris, TotalEnergies’ senior vice president for Africa exploration and production, Mike Sangster, outlined the company’s ambitious plans for Nigeria.
He revealed that TotalEnergies would approve a $750 million commitment to the Ima dry gas project next year.
This announcement marks a significant step forward in the company’s strategy for the region, indicating its continued interest in Nigeria’s energy sector.
Developed in partnership with a local Nigerian firm, the shallow-water project aims to increase gas supply to the country’s Liquefied Natural Gas (LNG) facility.
Moreover, TotalEnergies has already made a $500 million investment in the Ubeta onshore field, a project set to produce 300 million cubic feet of gas per day for the LNG plant.
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In addition, these initiatives are expected to enhance the overall energy infrastructure and support Nigeria’s growing LNG export capacity.
These investments highlight Nigeria’s growing appeal to global energy companies.
Since taking office in May 2023, President Bola Tinubu has enacted executive orders to improve efficiency in the oil and gas sector and attract foreign investments.
Consequently, the government now targets $10 billion in new deep-water gas projects, offering tax incentives and introducing reforms to entice investors.
Thus, Nigeria is positioning itself as a more attractive destination for energy investments.
As a result, TotalEnergies and other global energy companies are signalling renewed confidence in Nigeria’s energy sector.
Ultimately, this sets the stage for the country to leverage its hydrocarbon resources for long-term economic growth and further solidify its role in the global energy market.
