Thursday, November 27, 2014

Total: Nigeria gets $10bn Total’s investment in five years

Oil firm, Total, has invested over $10bn in Nigeria in the past five years, according to the company’s Deputy Managing Director, Lagos District, Mr. Charles Ngoka.

He disclosed this during the company’s second Open Day for Secondary Schools in Lagos district.

According to him, the company has contributed about 2.2 billion barrels to the national output, and will continue to invest massively in the country.

Ngoka, who was represented by the Executive Director, Deepwater, Total Upstream Companies in Nigeria, Bruno Erwes, said the Egina oil field development operated by TUCN was now estimated to gulp about $16bn, stressing that the project played an important role in Total’s contribution to national oil output.

Egina field, earlier estimated to gulp $15bn, is located in deepwater Oil Mining Lease 130. The project currently under development will have a production capacity of 200,000 barrels per day on completion.

Total holds 24 per cent interest in the field, while other partners like CNOOC holds 45 per cent, Petrobras (16 per cent) and Sapetro (15 per cent).

The project slated to come on stream by 2017, is expected to reinforce Nigeria’s deepwater production potential. The field infrastructure consists of a subsea production system tied in to a Floating Production Storage and Offloading vessel with a processing capacity of 200,000bpd.

He, however, restated the company’s commitment to Corporate Social Responsibily projects which he described as part of its global policy.

Ngoka added that Total demonstrated absolute commitment to Health, Safety and Environment (HSE) and strong local partnership in line with the Federal Government’s local content agenda.

Commenting on the Open Day, he said, “The Open Day affords us a vital opportunity to give students career counseling sessions and talk on social responsibility. This is aimed at enriching their understanding of options open to them in the choice of careers and lifestyles.”

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