21 August 2017

Nigeria: Total Invests U.S.$10 Billion in Nigeria's Oil Sector

Mr Nicolas Terraz, the Managing Director and Chief Executive, Total Upstream Companies in Nigeria, said the companies invested over 10 billion dollars in the country oil and gas sector.

Terraz disclosed this during the 2017 August Conference of Association of Energy Correspondents of Nigeria (NAEC) in Lagos.

According to him, with expertise and strong position in the onshore, offshore and deep offshore, its Egina field development nearly completed, was expected to add 200,000 barrel per day to Nigeria's output on stream in 2018.

The managing director said the company was presently along the value chain from upstream to the downstream sector where Total was a leader with close to 550 service stations across the length and breadth of Nigeria.

"Total as an international, integrated energy company with presence in more than 130 countries around the world, is always willing to work with host nations for the provision of what we call 'Better Energy'.

"This in a nutshell means improving the lives of the citizens of our host nations, beyond the provision of clean and affordable energy."

He said the industry was facing prolonged low prices that were just beginning to show hopeful signs that the worst was over while the power sector, though with boundless opportunities, was faced with a legion of challenges.

He said the time had come for all hands to be on deck to seek innovative solutions to the challenges of the oil and gas and energy macro sector. (NAN)

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