The Chief Executive Officer (CEO) of Total, Patrick Pouyanne, has agreed to consent to the plans of proceeding with the Ikike project in Nigeria in the next few months.
Ikike project which is one of the several projects Total has set aside in Nigeria for a final investment decision; it entails the production of 60,000 barrels of oil per day, alongside Preowei project that involves the production of 70,000 barrels of oil per day, all aiming at helping Total to boost its oil production.
Speaking to journalists at a meeting of Nigerian and French businesses in Paris, Pouyanne said,
“There is a huge potential in Nigeria, it is probably the most prolific country in West Africa in terms of oil and gas, and it is time to launch new projects, and we are working on many of them.”
He also said they also intend to widen their Nigerian Liquefied Natural Gas (NLNG) project this year.
“The market is very good today to do that, it is a very interesting project and the partners are in line to develop it. 2019 should be the year of expanding NLNG.”
This expansion plan is a bonus to previous plans the NLNG to embark on a capacity development project.
Pouyanne also explained that Total had already started production on the Egina oilfield this month.
Total as a key player in the Nigerian oil industry
For over 50 years Total Nigeria Plc has remained the leader in the downstream sector of the Nigerian oil and gas industry with an extensive distribution network of over 500 service stations nationwide, 19 customer service centres, 5 depots, distribution plants and warehouses across the Western, Northern, and Eastern regions of Nigeria.
Around the beginning of Q3 of 2018 they released about $10 billion into the Nigeria’s economy.
Total is one of the major shareholders in NLNG alongside Royal Dutch Shell.