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[2010-02-25]
Total to invest $20b in Nigerian oil and gas industry, commissions new project
| French oil giant, Total has declared its plans to invest $20 billion (N3 trillion) in Nigerian oil and gas exploration and production over the next four to five years.
Besides, Total E&P Nigeria Limited has commissioned MV Osayame, a Stern Driver Offshore Terminal Tug boat, at Onne, Rivers State, Nigeria.
Total told the Associated Press yesterday, that it was working on projects with other partners and that its own investment was lower than earlier reported.
Two of the projects have already been announced -- the development of the Usan Deep Water offshore field, which will go into production in 2012, and the exploration of oil block OML 58 in the Niger Delta.
Last June, the government offered an amnesty to oil rebels who laid down their guns after a three-year campaign of violence against the country's multi-billion-dollar oil industry.
The campaign, which involved repeated attacks on oil installations and the kidnap of foreign oil workers, had reduced Nigeria's daily oil output by a third.
From a peak of 2.6 million barrels in 2006, production fell to as low as one million barrels. Since the recent amnesty programme came into effect, production had improved to two million barrels.
Total's Head of the Group's Exploration and Production Division, Yves Louis Darricarrere, who commended Nigeria government for the amnesty programme, said Total would take advantage of the relative peace in the region to increase its investments in the oil and gas sector.
Meanwhile, Nigeria's acting president, Vice President Goodluck Jonathan, issued a statement welcoming Total's involvement after meeting Total's Yves Louis Darricarrere,
Jonathan said that in addition to investing in gas and deepwater exploration, it expected that Total play a role in the to build a liquefied natural gas export terminal in Brass.
The statement added that Total's confidence proved that there had been an improvement in the business environment in the Niger Delta since a recent amnesty programme aimed at ending the conflict there.
In a similar development, Total E&P Nigeria Limited said that the recent commissioning of MV Osayame, a Stern Driver Offshore Terminal tug boat, at Onne, Rivers State marked a new chapter in its commitment to the local content policy of the Federal Government.
Speaking at the commissioning, Rivers State governor, Mr. Chibike Amaechi, represented by his deputy, Mr. Tele Ekuru, commended the oil giant for identifying with government's goals of guaranteeing an enabling environment for businesses, supporting indigenous entrepreneurs and creating jobs for citizens, with gestures such as the building of MV Osayame.
MV Osayame is one of the fruits of the Nigerian Cabotage Act, enacted in 2004 to stimulate the development of indigenous capacity in the Nigerian maritime industry. It requires vessels to be built in Nigeria, to be registered in Nigeria, wholly owned and manned by Nigerians, if they are to operate in the country's coastal and inland waters.
At the event, Total's Deputy Managing Director (Technical), Mr. Roger Piorier, who was represented by the Executive General Manager (Technical Services) Mr. Adebisi Otukoya, described the company as a key stakeholder in the government's local content policy and underscored the company's support for the Cabotage Law.
According to him, "The use of longer-term contracts, as is the case for this vessel, is a model that should be retained in the industry for promoting local capacity building, in order to meet the laudable objectives of the Federal Government of Nigeria."
In his welcome address, the Chairman/ Chief executive officer, Starz Investment Company Limited (SICL), owners of the vessel, Mr Greg Ogbeifun showered encomiums on Total for the initial five year contract entered into with the company, thus guaranteeing job for MV Osayame even from its first day on Nigerian waters.
Source:© Copyright Guardian Online
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