Prospects for rejuvenating the Nigerian oil and gas industry and enhancing local content growth seem on the verge of realization. Mr. Matthieu Bouyer, Managing Director and Country Chair of TotalEnergies E&P Nigeria Limited, reaffirmed on Thursday that the company is poised to make the final investment decision (FID) on the Ubeta gas project in 2024, with other significant projects to follow,leadership report.
Bouyer disclosed this announcement during a visit with senior company officials to the Executive Secretary of the Nigerian Content Development and Monitoring Board (NCDMB), Felix Omatsola Ogbe, at the Board’s Abuja liaison office. The purpose of the visit was to congratulate the executive secretary on his appointment and assure him of Total Energies’ dedication to continuing the development of oil and gas projects that contribute value to the nation, bolster Nigerian content, and generate returns for the company’s shareholders.
Highlighting the company’s commendable track record in Nigeria over the past decade, Bouyer emphasized key projects in both deepwater and shallow water. Notable achievements included setting Nigerian content records, such as the fabrication of six modules for the Egina Floating Production Storage and Offloading (FPSO) vessel within the country.
The Managing Director underscored TotalEnergies’ commitment to unlocking new projects in Nigeria and sought ongoing cooperation from the NCDMB for expedited Nigerian content reviews and approvals. The Ubeta project, situated at Oil Mining Lease (OML) 58, is an onshore initiative designed to supply gas to the Nigeria Liquefied Natural Gas (NLNG) plant and fulfill domestic gas supply requirements.
Bouyer also outlined future projects, including the Preowei deepwater project located in (OML) 130, north of the Egina field, with a water depth of approximately 5,904 feet. He assured close collaboration with the NCDMB to facilitate the project’s rapid development, boost crude oil production, and generate revenue for the country.
In response, the executive secretary assured the TotalEnergies E&P team that the Board would expedite necessary approvals for the company’s oil and gas projects. He highlighted the Board’s commitment to creating an investment-friendly environment, fostering employment opportunities for youths, and addressing insecurity, aligning with President Bola Tinubu Administration’s Renewed Hope Agenda.
Emphasizing compliance with the Nigerian Oil and Gas Industry Content Development (NOGICD) Act, the executive secretary pledged Board support for bankable oil and gas projects, offering accelerated approvals upon meeting specified Nigerian Content regulations. Additionally, he proposed the establishment of a technical working group (TWG) comprising representatives from NCDMB and TotalEnergies E&P to proactively address project-related issues on a quarterly basis.
The meeting also addressed TotalEnergies E&P’s commitment to consolidating the Human Capacity Development (HCD) Fund on its projects for strategic HCD initiatives, in line with the NCDMB’s guidelines. Discussions included the ongoing reconciliation of Total Energies E&P’s remittance of the Nigerian Content Development Fund (NCDF).