Total expects increased production from $10b investments
Total Upstream Nigeria Limited is targeting improved crude production with its $10 billion investments in Nigeria’s oil and gas industry.
The firm, in a report titled: The Total Upstream companies in Nigeria at a glance, made available toThe Nation, said it has invested $10 billion between 2010 and 2015.
The report encapsulates Total’s activities in Nigeria in the last 49 years (1966 -2015).
The report noted that the firm has produced 2.3billion barrels of crude oil in Nigeria in 49 years, adding that it expects more crude production from its oil mining leases (OMLs) in the country.
It said: “Egina Field located in OML 130 where Total and its partners such as Sapetro, Petrobras, and the Nigerian National Petroleum Corporation (NNPC) are undertaking ultra-deep offshore venture, crude production is expected to reach a plateau of 200,000 barrels of oil equivalent per day (boepd).
Akpo field oil mining lease (OML) 130 is where Total began its first deep offshore project in 2009. Its floating production vessel has a storage capacity of two million barrels of stabilised liquid hydrocarbon.”
The report added that gas flaring has reduced by 75 per cent in Total owned oil field in OML 58 and 10 per cent in OML 102. The projects, which constitute the OML 58 include Ogbogu Flow Station (OFS); Field Logistics Base (FLB); Obite Treatment Centre (OTC); Obite, Ubeta, Rumuji (OUR) pipeline and the Northern Option Pipeline (NOPL).
In OML 58 upgrade projects, the report said Total is targeting 70 per cent local content. “The upgrade projects were essentially designed to boost gas supply for both industrial and domestic use; and increase gas delivery to the Nigeria Liquefied Natural Gas Limited (NLNG) plants at Bonny Island, Rivers State. The Obite-Ubeta Rumuji (OUR) pipeline construction has a Nigerian content target of 78 per cent,” the report added.
Total also established a contractor finance support initiative in 2013 to enhance the capacity of Nigerian contractors that are executing oil and gas projects for it. The initiative has resulted in a memorandum of understanding (MoU) signed with eight Nigerian banks to provide $7.8 billion for the scheme.