The Minister of Petroleum Resources, Heineken Lokpobiri, has revealed that TotalEnergies is on the verge of finalising an investment deal for the Bonga North Offshore project, in collaboration with Shell Petroleum Development Company (SPDC) and the Nigerian National Petroleum Company Limited (NNPCL).
Petroluemprice confirms that Lokpobiri shared this update after a meeting in Abuja with TotalEnergies’ President, Mr. Nicolas Terraz.
He explained that these projects, which have recently secured board approval from the international oil giant, are expected to be completed by the end of the year.
“Our energy sector holds tremendous potential, and we will continue to ensure it remains a secured and attractive destination for investors like TotalEnergies,” Lokpobiri said. “Mr. Terraz spoke on the company’s plans for further investments in Nigeria, highlighting their Board’s recent approval for investment in the Bonga North Offshore project and other joint ventures with SPDC and NNPCL, committing to closing these deals before year-end.”
Lokpobiri expressed gratitude to TotalEnergies for their partnership, adding, “I commended TotalEnergies for being a reliable and trusted partner in the development of our oil sector, and I assured Mr. Terraz that Nigeria is fully committed to supporting and encouraging further investments in the sector. The requests previously made by TotalEnergies are being addressed, and we remain ever ready and willing to provide the necessary conditions for the success of their ventures.”
The Minister reiterated the government’s dedication to making Nigeria a competitive and secure destination for international energy investments.
He added that strategic collaborations with firms like TotalEnergies are essential for sustaining growth and development in the oil and gas sector.
Lokpobiri also praised TotalEnergies for its long-standing commitment to Nigeria’s oil industry, assuring that the government will continue to support the company’s efforts.
The Bonga North project, a conventional oil development located in deepwater off the Nigerian coast, is operated by Shell Nigeria Exploration & Production Company in partnership with NNPCL. The field, discovered in 2005, is part of block OML 118 (formerly OPL 212P) and is situated at a water depth of approximately 3,346 feet.