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Total Snubs Nigeria; Invests $600m In Congo - Politics - Nairaland

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Total Snubs Nigeria; Invests $600m In Congo by nlfpmod: 3:28pm On May 25
French oil major, TotalEnergies, has announced a $600 million investment deal in the Republic of Congo few days after the CEO said the company chose Angola over Nigeria for a $6 billion energy project.

Recall earlier this week, Nairametrics reported TotalEnergies’ CEO, Patrick Pouyanne, stating that the company chose to invest $6 billion in Angola over Nigeria due to policy inconsistencies and other issues in the country.

Following this, the company also announced a $600 million investment in Congo for oil production and exploration, once again overlooking Nigeria, Africa’s largest oil producer.

According to the press statement on Thursday, the investment will be used to finance exploration and maintain production in the country’s deep offshore Moho Nord field.

The $600 million investment signals a strong intent by the IOC to develop and monetize Congolese hydrocarbons for the benefit of the country and will unlock a wave of economic opportunities for the broader region.

“Two drilling rigs arrived at the permit this month, with TotalEnergies CEO Patrick Pouyanné expressing his optimism that the field will yield a discovery before the end of the year,” the statement reads in part.

More Insights
According to the statement, in April this year, TotalEnergies, through its subsidiary TotalEnergies EP Congo, signed an agreement to purchase a 10% stake in the Moho permit from Trident Energy.

Furthermore, the African Energy Chamber (AEC) reported that upon completion of this transaction, TotalEnergies will hold a 63.5% operating stake in the permit.

Trident Energy will maintain a 21.5% share, and the Republic of Congo’s national oil company, Société Nationale des Pétroles du Congo (SNPC), will have a 15% stake.

The $600 million investment by TotalEnergies shows that the IOC is in the Republic of Congo to stay. Congo’s oil and gas can play a much greater role in alleviating energy poverty and driving industrialization in Africa, and partnerships with companies to the likes of TotalEnergies will be instrumental in achieving these objectives.

“We look forward to witnessing new discoveries being made in the coming months,” stated NJ Ayuk, Executive Chairman of the AEC.

Backstory
Earlier on Monday, Nairametrics reported that the CEO of TotalEnergies, Patrick Pouyanne, explained why the company is investing a whooping sum of $6 billion in energy projects in Angola over Nigeria.

Pouyanne, who spoke with panellists of the Africa CEO in Kigali, Rwanda, said the inconsistency in policymaking decisions led to the diversion of the project from Nigeria to Angola, a country with a more stable policy framework.
He added that TotalEnergies has not conducted oil exploration in Nigeria for 12 years.

“Nigeria loves to open topics without closing them. You love to debate. There is always a new legislature in Nigeria about a new petroleum law. When you have such permanent debates, it’s difficult for investors looking for long-term structure to know what direction to go.

“In reality, the Niger Delta is the most prolific part of West Africa. But if you look at what happened, because of these debates, there has not been a single exploration in Nigeria for 12 years.

“It’s important to have a debate and then settle it and put a framework on the table that investors can trust.

“We have countries that have perfectly integrated policies like Angola. So, we go to Angola and announced a very large $6 billion projects in the beginning of the week because there their framework is stable. So we know where we go,” Pouyanne said.

https://nairametrics.com/2024/05/25/again-totalenergies-snubs-nigeria-announces-600-million-investment-deal-in-congo/

16 Likes 1 Share

Re: Total Snubs Nigeria; Invests $600m In Congo by whytediamond(m): 3:29pm On May 25
Total Energies, the leaders in environmental pollution and degradation of our eco-system.

Make dem park one side abegi grin

45 Likes 7 Shares

Re: Total Snubs Nigeria; Invests $600m In Congo by Promismike(m): 3:30pm On May 25
All thanks to Buhari, Tinubu and APC.

Nigeria will always curse the day these idiots where born.

173 Likes 15 Shares

Re: Total Snubs Nigeria; Invests $600m In Congo by francis00(m): 3:30pm On May 25
W
Re: Total Snubs Nigeria; Invests $600m In Congo by jayce232: 3:30pm On May 25
You can't blame them
Not after what they did to binance executives
Nobody would trust investing in such a country...

131 Likes 11 Shares

Re: Total Snubs Nigeria; Invests $600m In Congo by Lamasta(m): 3:31pm On May 25
Unstable government policies

72 Likes 7 Shares

Re: Total Snubs Nigeria; Invests $600m In Congo by Felabrity: 3:31pm On May 25
Yarimo , Tinubu is a disaster

105 Likes 8 Shares

Re: Total Snubs Nigeria; Invests $600m In Congo by Gbadugbakun(m): 3:31pm On May 25
Why would any sensible foreigner invest in this shit hole. So that tomorrow they would demolish their business abi.

Nigeria is currently the worst place to do business on earth.

64 Likes 2 Shares

Re: Total Snubs Nigeria; Invests $600m In Congo by Dougad: 3:31pm On May 25
The ugly corpse like economic guru mugu just dey sit down claim investment wey never sure while investors prefer to invest in countries near warzones than the zoo he presides over.

35 Likes 2 Shares

Re: Total Snubs Nigeria; Invests $600m In Congo by ceejay80s(m): 3:32pm On May 25
Good news

2 Likes 1 Share

Re: Total Snubs Nigeria; Invests $600m In Congo by jmoore(m): 3:32pm On May 25
Ebola wasting our money traveling up and down to sign fake FDI.


Reno Omonkey and his demons will say that it was the insult of Peter Obi's supporters that chased Total away.

70 Likes

Re: Total Snubs Nigeria; Invests $600m In Congo by SlavaUkraini: 3:32pm On May 25
jayce232:
You can't blame them
Not after what they did to binance executives
Nobody would trust investing in such a country...

What was done to Binance executives ?

Their Platform was been used to manipulate the national currency and you expect the government to keep quiet ?

Nations around the world are banning Binance from operating there and you want Nigeria to become their IDP Camp ?

That would not happen

If Total energy invest 10 Billion dollars in Nigeria and we later discover that they are into crude oil theft or other illegal activities, then their executives must face the laws of the land.

22 Likes 3 Shares

Re: Total Snubs Nigeria; Invests $600m In Congo by wonlasewonimi: 3:32pm On May 25
Anyone or organisation would be stupiid to invest in Nigeria.

25 Likes 1 Share

Re: Total Snubs Nigeria; Invests $600m In Congo by ovie8200: 3:33pm On May 25
Why are you people surprise. Just get your act together simple as that!

8 Likes

Re: Total Snubs Nigeria; Invests $600m In Congo by BuharisBoy: 3:33pm On May 25
This happening after following all IMF policies

2 Likes 1 Share

Re: Total Snubs Nigeria; Invests $600m In Congo by meobizy(f): 3:33pm On May 25
IOCs are moving their installations offshore. Communities are giving them headaches coupled with vandalization. The country will soon be forced to stand independently.

7 Likes

Re: Total Snubs Nigeria; Invests $600m In Congo by SimpleDan3: 3:33pm On May 25
Nigeria is beyond repair, just know how to play safe.

10 Likes

Re: Total Snubs Nigeria; Invests $600m In Congo by FutureFocus: 3:33pm On May 25
Wow, Ponticelli

After losing investment to Angola , we are losing to Congo again.
Nigeria will be great again but we must have a stable environment and policy




Check my previous post for affordable kids tablets and other gadgets.

1 Like

Re: Total Snubs Nigeria; Invests $600m In Congo by Adamux: 3:33pm On May 25
ceejay80s:
Good news
How is this good news?

Why do bad news delight you? Is this high level of bitterness and toxicity inborn or acquired?

I don't just understand you people at all.

6 Likes

Re: Total Snubs Nigeria; Invests $600m In Congo by zuzuonyi: 3:33pm On May 25
What a curse this present administration has become to the good people of Nigeria... and we were warned!

14 Likes

Re: Total Snubs Nigeria; Invests $600m In Congo by Chibuzoc(m): 3:34pm On May 25
whytediamond:
Total Energies, the leaders in environmental pollution and degradation of our eco-system.

Make dem park one side abegi grin

If they can use and dump you, as in this case, you are the problem

13 Likes 2 Shares

Re: Total Snubs Nigeria; Invests $600m In Congo by UselessBuharist: 3:34pm On May 25
Reasons are obvious

2 Likes

Re: Total Snubs Nigeria; Invests $600m In Congo by etcme(m): 3:35pm On May 25
whytediamond:
Total Energies, the leaders in environmental pollution and degradation of our eco-system.

Make dem park one side abegi grin

Is that all you have to say?

10 Likes

Re: Total Snubs Nigeria; Invests $600m In Congo by BruzMoney(m): 3:35pm On May 25
The pace at which we are loosing investments, it is obvious no investor is taking us seriously despite the drive to invite them, it is time to look inward and support local investors. Our international image is almost battered.

7 Likes 1 Share

Re: Total Snubs Nigeria; Invests $600m In Congo by lastmessenger: 3:35pm On May 25
Who would want to invest in country only for his investments to be bulldozed by the successive government for the flimsiest excuse?

18 Likes

Re: Total Snubs Nigeria; Invests $600m In Congo by BondRiv: 3:35pm On May 25
Of course they have no regard for Nigeria, just as Nigeria has no regard for itself, else we would have closed the embassy of the UAE. We allow people, countries or companies treat us badly. It is a shame.

2 Likes 2 Shares

Re: Total Snubs Nigeria; Invests $600m In Congo by onome25(m): 3:35pm On May 25

5 Likes

Re: Total Snubs Nigeria; Invests $600m In Congo by Tvegas(m): 3:35pm On May 25
Total can do whatever it likes with its money. The earlier Africans realise that the best form of Growth is within and not dependent on foreigners the better. All we need is sincerity of purpose .

6 Likes 2 Shares

Re: Total Snubs Nigeria; Invests $600m In Congo by UselessBuharist: 3:36pm On May 25
Promismike:
All thanks to Buhari, Tinubu and APC.

Nigeria will always curse the day these idiots where born.

We won’t spear those that keep electing the worse of us

3 Likes

Re: Total Snubs Nigeria; Invests $600m In Congo by Beverlyjean(f): 3:36pm On May 25
whytediamond:
Total Energies, the leaders in environmental pollution and degradation of our eco-system.

Make dem park one side abegi grin

Coping mechanism at work

15 Likes

Re: Total Snubs Nigeria; Invests $600m In Congo by tommy589(m): 3:37pm On May 25
Ok
Re: Total Snubs Nigeria; Invests $600m In Congo by obaidan: 3:37pm On May 25
whytediamond:
Total Energies, the leaders in environmental pollution and degradation of our eco-system.

Make dem park one side abegi grin
yinmu consolation

9 Likes

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