⚙️ TotalEnergies Pushes to Unlock Nigeria’s Deepwater Oil Potential — “We’re Desperate to Do More,” Says Deputy MD
️ A Renewed Drive for Production Efficiency
TotalEnergies EP Nigeria has reaffirmed its strong commitment to optimising and expanding its oil production in the country.
According to Victor Bandele, the company’s Deputy Managing Director for Deepwater Assets, the firm is “desperate to ensure the optimal development of all the assets in our possession.”
Bandele made this remark during a panel session at the ongoing Nigerian Association of Petroleum Explorationists (NAPE) Conference in Lagos, highlighting the company’s deepwater journey, achievements, and challenges.
He explained that the company’s priority is to maximise output from existing assets such as the Egina field, which has the capacity to produce up to 200,000 barrels per day but is currently yielding less than 100,000 barrels due to natural decline.
To boost production, TotalEnergies is aggressively pursuing tieback projects — smaller fields connected to the main FPSO (Floating Production, Storage, and Offloading) facilities — that will help increase output and efficiency.
Exploration Beyond Existing Fields
Bandele emphasized that TotalEnergies’ focus goes beyond maintaining current assets. The company is also:
• Exploring opportunities around older fields like Akpo,
• Planning new exploration wells for 2026, and
• Fast-tracking development of a newly acquired deepwater block, which he described as a “big one” that could unlock fresh reserves for Nigeria.
He outlined the company’s major deepwater milestones, including:
• Akpo (first oil in 2009)
• Usan (2012)
• Egina (2018)
Each of these fields operates with its own FPSO — representing billions of dollars in capital investment and forming the backbone of Nigeria’s deepwater production.
⚓ Challenges and Missed Growth Opportunities
Bandele noted that Nigeria’s deepwater development has slowed considerably since the Egina project came onstream in 2018.
He lamented that the country was expected to follow the successful deepwater expansion path of nations like Brazil and Angola, but that momentum stalled.
“After Egina, we stopped. There has been no new FPSO in Nigerian waters since 2018,” he said, adding that the new Petroleum Industry Act (PIA) has helped rekindle investor confidence and encourage fresh activity.
He cited examples of renewed exploration and development efforts by Shell (Bonga) and other international oil companies, which signal a gradual revival of deepwater investment in Nigeria.
Collaboration as the Key to Progress
Bandele highlighted the importance of shared operations and collaboration among oil companies to reduce costs and improve efficiency.
He recalled how TotalEnergies brought in the Q7000 vessel in 2002, which later benefited all the major international oil companies (IOCs) operating in Nigeria.
“Sharing and collaboration remain the key,” he said. “But you can only share what you have. So let’s help a lot so that we can share a lot.”
He also pointed out that when more companies operate simultaneously in the deepwater, shallow water, and onshore sectors, the industry as a whole enjoys greater cost savings, faster response times, and operational synergies.
Key Takeaway
TotalEnergies’ renewed push reflects both confidence in Nigeria’s oil sector and concern over underutilised potential.
By investing in tiebacks, accelerating new exploration, and promoting shared operations, the company aims to:
• Boost Nigeria’s crude output,
• Lower production costs, and
• Reignite deepwater exploration as a key growth frontier.
If successfully implemented, these plans could help Nigeria recover lost ground in global deepwater production and strengthen its position as a major energy hub in sub-Saharan Africa.
️ A Renewed Drive for Production Efficiency
TotalEnergies EP Nigeria has reaffirmed its strong commitment to optimising and expanding its oil production in the country.
According to Victor Bandele, the company’s Deputy Managing Director for Deepwater Assets, the firm is “desperate to ensure the optimal development of all the assets in our possession.”
Bandele made this remark during a panel session at the ongoing Nigerian Association of Petroleum Explorationists (NAPE) Conference in Lagos, highlighting the company’s deepwater journey, achievements, and challenges.
He explained that the company’s priority is to maximise output from existing assets such as the Egina field, which has the capacity to produce up to 200,000 barrels per day but is currently yielding less than 100,000 barrels due to natural decline.
To boost production, TotalEnergies is aggressively pursuing tieback projects — smaller fields connected to the main FPSO (Floating Production, Storage, and Offloading) facilities — that will help increase output and efficiency.
Exploration Beyond Existing Fields
Bandele emphasized that TotalEnergies’ focus goes beyond maintaining current assets. The company is also:
• Exploring opportunities around older fields like Akpo,
• Planning new exploration wells for 2026, and
• Fast-tracking development of a newly acquired deepwater block, which he described as a “big one” that could unlock fresh reserves for Nigeria.
He outlined the company’s major deepwater milestones, including:
• Akpo (first oil in 2009)
• Usan (2012)
• Egina (2018)
Each of these fields operates with its own FPSO — representing billions of dollars in capital investment and forming the backbone of Nigeria’s deepwater production.
⚓ Challenges and Missed Growth Opportunities
Bandele noted that Nigeria’s deepwater development has slowed considerably since the Egina project came onstream in 2018.
He lamented that the country was expected to follow the successful deepwater expansion path of nations like Brazil and Angola, but that momentum stalled.
“After Egina, we stopped. There has been no new FPSO in Nigerian waters since 2018,” he said, adding that the new Petroleum Industry Act (PIA) has helped rekindle investor confidence and encourage fresh activity.
He cited examples of renewed exploration and development efforts by Shell (Bonga) and other international oil companies, which signal a gradual revival of deepwater investment in Nigeria.
Collaboration as the Key to Progress
Bandele highlighted the importance of shared operations and collaboration among oil companies to reduce costs and improve efficiency.
He recalled how TotalEnergies brought in the Q7000 vessel in 2002, which later benefited all the major international oil companies (IOCs) operating in Nigeria.
“Sharing and collaboration remain the key,” he said. “But you can only share what you have. So let’s help a lot so that we can share a lot.”
He also pointed out that when more companies operate simultaneously in the deepwater, shallow water, and onshore sectors, the industry as a whole enjoys greater cost savings, faster response times, and operational synergies.
Key Takeaway
TotalEnergies’ renewed push reflects both confidence in Nigeria’s oil sector and concern over underutilised potential.
By investing in tiebacks, accelerating new exploration, and promoting shared operations, the company aims to:
• Boost Nigeria’s crude output,
• Lower production costs, and
• Reignite deepwater exploration as a key growth frontier.
If successfully implemented, these plans could help Nigeria recover lost ground in global deepwater production and strengthen its position as a major energy hub in sub-Saharan Africa.