Nigerian unit of French oil giant, Total E&P, the country’s fourth largest producer, said it has produced in excess of 2.3 billion barrels of crude oil from its inception of production in the country, 49 years ago, between 1966 and 2015. This represents an average of 5.92 million barrels annually or about 162,147 daily crude productions.
This is even as the company has invested about $10 billion in Nigeria in the last five years, while up to $7.8 billion has been set aside for local content development, according to data made available to The Guardian.
The volumes come from the upstream company’s operated producing assets in oil mining leases OMLs 58, 102 and 130. Volumes are expected to increase further in 2018, when its ultra-deep water project, Egina, comes on stream with additional 200,000 barrels of oil equivalent per day (kboepd).
For instance, about 80,000 Nigerians in 19 communities, around its host region in Egi, Rivers State, are said to be enjoying uninterrupted power supply, from its gas turbines situated in OML 58.
In addition to this, Total also initiated an Access to Solar (TATS) programme that provides renewable energies to thousands of families in Benue and Nasarawa states that are not connected to the national grid. The programme is being manned by at least 80 entrepreneurs.
In the area of content development, Total explained that the $7.8b is Ä contractors’ finance support initiative, under a Memorandum of Understanding (MoU) with eight Nigerian banks, which was established in 2013 to enhance the financial capacity of Nigerian contractors.”