TOTALENERGIES SNUBS NIGERIA AGAIN, PLANS TO INVEST $600m IN CONGO
French oil major TotalEnergies is set to invest $600 million to boost exploration and production in the Republic of Congo in 2024, bypassing the Nigerian oil and gas sector once more. TotalEnergies’ CEO Patrick Pouyanne mentioned policy inconsistencies in Nigeria as a reason for choosing other countries for investment. This new investment will focus on the deep offshore Moho Nord field, which produces around 140,000 barrels per day, accounting for nearly half of Congo's oil production. The investment aims to develop and monetize Congolese hydrocarbons, unlocking economic opportunities for the region. Additionally, Congo is strengthening its hydrocarbon sector through a strategic partnership with Algeria, enhancing bilateral cooperation and expertise sharing in oil and gas projects.
French oil major TotalEnergies is set to invest $600 million to boost exploration and production in the Republic of Congo in 2024, bypassing the Nigerian oil and gas sector once more. TotalEnergies’ CEO Patrick Pouyanne mentioned policy inconsistencies in Nigeria as a reason for choosing other countries for investment. This new investment will focus on the deep offshore Moho Nord field, which produces around 140,000 barrels per day, accounting for nearly half of Congo's oil production. The investment aims to develop and monetize Congolese hydrocarbons, unlocking economic opportunities for the region. Additionally, Congo is strengthening its hydrocarbon sector through a strategic partnership with Algeria, enhancing bilateral cooperation and expertise sharing in oil and gas projects.