The Federal Government has reaffirmed its commitment to boosting Nigeria’s crude oil production through supportive policies, incentives, and strategic partnerships with international oil companies (IOCs).
This assurance came during a courtesy visit by Mr. Nicolas Terraz, President, Exploration & Production at TotalEnergies SE, to the Minister of State for Petroleum Resources (Oil), Senator Heineken Lokpobiri, Ph.D, in Abuja. The statement was signed by Nneamaka Okafor, Special Assistant on Media and Communication, on behalf of the Minister.
Mr. Terraz, while briefing the Minister, highlighted TotalEnergies’ ongoing and future operations in Nigeria. He confirmed the successful drilling of additional wells and noted the company’s stable production outlook, even as it divests its interest in the Bonga North project to Shell.
“TotalEnergies is fully committed to supporting Nigeria’s energy goals. Our continued investment in projects like Ubeta demonstrates our long-term vision, even as we responsibly rebalance our portfolio with the divestment in Bonga North,” Terraz stated.
In his response, Senator Lokpobiri commended TotalEnergies for its reliability and sustained partnership with Nigeria, praising the company’s commitment to both existing and new developments. He assured that the Federal Government remains determined to sustain upstream investments through favorable policies and a stable operating environment.
“Our support and incentives as a Government have continued to inspire a production trajectory that aligns with our goal of ramping up output,” the Minister said. “We are committed to implementing deepwater incentives to ensure this momentum is sustained.”
Lokpobiri emphasized the importance of continuous investment, stressing that Nigeria cannot meet its production targets without new projects and increased drilling activities.
“We are absolutely in support of divestments where necessary, but it is critical that there is demonstrated capacity to manage the assets being transferred. Our expectation is that companies invest in every asset they hold, but where that is not possible, farm-outs and partnerships are welcome,” he added.
The meeting reaffirmed the strong collaboration between the Nigerian Government and IOCs in unlocking the full potential of Nigeria’s oil resources while balancing domestic energy needs with international supply commitments.