Yemisi Izuora
Oil major Total has invested about $10 billion in Nigeria’s oil and gas sector just as the company projects that its prolific Evian field would begin production by next year.
Mr Nicolas Terraz, Managing Director/Chief Executive Officer Total upstream companies in Nigeria, who made the disclosures at the 2017 National Annual International Conference and Exhibition, NAICE, hosted by Society of Petroleum Engineers Nigeria Council, said that the field would boost the country’s daily oil production by 200,000 barrels.
Terraz, who was represented by Mr Biodun Afolabi, Executive Director, Corporate Affairs and Services, said that the additional barrels would come from the company’s multi-billion dollar Egina Field Development and assured the Egina Field Development will come on stream in 2018.
While restating the company’s unflinchingly commitment to the future of Nigeria, Terraz said, “The company is at present along the value chain from upstream to the downstream sector where Total is a leader, with close to 550 service stations across the length and breadth of Nigeria.
“In the last five years, the Total Group has invested US$10 billion in the Nigerian oil and gas sector. “Today, we have the expertise and strong positions in the onshore, offshore and deep offshore.
“Our Egina Field Development, which is near completion, is expected to add 200,000 barrels per day to Nigeria’s output when it comes on stream in 2018,’’ he said.
Terraz said the industry was facing a shakeout, as oil price is still low, and the economy is recovering from the recession.
He said the 2017 conference and exhibition of the society provided a platform for the common objective of positioning the industry to absorb the vagaries of fluctuating price regimes, uncertainties and other challenges within the operating environment.