‘Total invested $5bn in Nigeria in 5years’

The Managing Director of Total Exploration and Production Nigeria Limited, Mr Nicolas Terraz, has said that his company has invested $5 billion in Nigeria in the last five years, despite the challenging business environment in the country caused by the fall in oil prices.

Terraz, who disclosed this when members of the House of Representatives Committee on Local Content paid a courtesy visit to his office in Lagos, weekend, also explained Total’s activities in Nigeria and the huge bouquet of projects contributing to the socioeconomic development of the country.

He shed some light on the progress the company has made on its major projects such as the OML 58 Upgrade, Ofon Phase 2 and Egina.

Terraz said that his company would commence delivery of gas through its Northern Option Pipeline (NOPL) to Alaoji power plant this month to improve electricity supply to Nigerians.

The Deputy Managing Director, Deep Water District of Total, Mr AhmaduKida Musa, expressed the company’s commitment to the development of local content and the country.

“As at the time we approved the Egina Project, all the other oil companies were running from Nigeria,” Musa said.

“When we took the bold step, others were asking what we were seeing that they were not seeing and, for Total, it was our absolute belief in Nigeria and Nigerians’ ability to manage the project. After three years, we are exceptionally proud of the project.”

Speaking, the chairman of the committee, Emmanuel Ekon, said that the journey to Total was a “friendly visit and not an oversight.”