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18

Total To Invest In Upstream Nigeria Sector

Total Exploration and Production Company, has affirmed its plans to invest $7.5 billion

Total Exploration and Production Company, plans to invest $7.5 billion in the upstream sector of the Nigeria oil and gas in the next five years, the company said.

Making the disclosure in an interactive session with newsmen yesterday, the company’s General Manager, Public Affairs, Mr Pauly Enujuba, said the money will be invested on new gas and power projects such as the Nigeria Liquefied Natural Gas (NLNG), Trains Six and Seven, the Brass LNG, IPP Projects, Oil Mining Lease 58 (OML58) upgrade, as well as the Akpo, Usan oil field projects.

He said the company has moved from just producing crude oil onshore (OML 58 and 57) to the swampy Rivers and Delta states, to operate in deep offshore, and is now producing in addition to crude oil, condensate and gas.

“We are part owners of the NLNG, and last year August, we acquired 17 per cent of the Brass LNG. Completion of the Amenam Kpono Gas export Project has since ensured that on December 30, 2006, we were able to export the first gas from that field to the Bonny NLNG,” he said.