Total Plc to spend $7.5bn on Nigeria oil and gas sector (25/06/07)

 

Mr Yves-Louis Darricarrere, newly appointed President for Exploration and Production of Total, has said the Total Group will spend $1.5 billion annually for the next five years in the upstream sector of the oil and gas industry in Nigeria.

Darricarrere said this during his maiden visit to Total's upstream subsidiary in Nigeria, Elf Petroleum Nigeria Limited (EPNL), in an interactive session with staff at the Port Harcourt office.

 
 
In a statement made available in Abuja, Darricarrere said the investments would be as a result of the company's participation in "new Gas and Power projects such as the NLNG Trains six and seven, Brass LNG; in which we have 17per cent equity, IPP projects and OML 58 Upgrade and on-going Oil Development projects such as Akpo, USAN, Ofon Phase 2, Nkarika, OML 100 Long Term. The investment profile also includes the company's non-operated ventures such as the Bonga development operated by SNEPCO."

Darricarrere expressed confidence in Nigeria's future, because of its "limitless opportunities."

He praised the human capital of the subsidiary and commended their efforts in the realisation of the Group's and Nigeria's objectives, in the country and assured the staff that there is a great premium placed on their development through acquisition of both technical and managerial skills.

"Our business is increasingly complex, and to succeed, we need to develop the full capacity of each employee's potential and take benefit of the diversity of various cultures represented in the Group," he said, and assured of the Group's commitment to its Social Corporate Responsibility, as it will continue to honour its agreements with its partners and host communities.

Darricarrere was accompanied to Nigeria by E&P President for Africa, Jean Privey and other top officials from the group.

Source: This Day Online

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