The Federal Government has reiterated its commitment to ramping up crude oil production through supportive policies, incentives, and stronger partnerships with international oil companies (IOCs).
This assurance was given by the Minister of State for Petroleum Resources (Oil), Senator Heineken Lokpobiri, during a courtesy visit by Mr. Nicolas Terraz, President of Exploration & Production at TotalEnergies SE, in Abuja.
Mr. Terraz provided updates on TotalEnergies’ operations in Nigeria, confirming the successful drilling of additional wells and the company’s sustained production stability. He also disclosed the divestment of TotalEnergies’ interest in the Bonga North project to Shell, while reaffirming the company’s long-term commitment to Nigeria’s energy sector.
“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 said in a statement signed by Nneamaka Okafor, Special Assistant on Media and Communication to the Minister.
Senator Lokpobiri commended TotalEnergies for its reliability as a strategic partner, noting the company’s dedication to both ongoing and future projects. He emphasized the government’s readiness to sustain investment-friendly policies, particularly in the upstream sector.
“Our support and incentives as a Government have continued to inspire a production trajectory that aligns with our goal of ramping up production,” Lokpobiri stated. “We are committed to implementing the deepwater incentives to ensure this momentum is sustained and not eroded.”
The Minister stressed the importance of continuous investment and drilling activities to meet Nigeria’s oil production targets. While supporting divestments where necessary, he underscored the need for capacity and commitment in managing transferred assets.
The meeting reaffirmed the strong collaboration between the Nigerian Government and international oil companies, aimed at unlocking the full potential of Nigeria’s oil resources while meeting both domestic energy needs and international obligations.
