TotalEnergies diverts $600 million investment to Congo for oil exploration, bypassing Nigeria again. The move follows the company's $6 billion investment in Angola due to policy inconsistencies in Nigeria.
French oil giant TotalEnergies has opted to invest $600 million in the Republic of Congo for oil exploration and production, bypassing Nigeria for the second time in quick succession. This decision follows TotalEnergies' $6 billion investment in Angola over Nigeria due to policy inconsistencies and other issues.
The investment aims to bolster exploration and maintain production in Congo's deep offshore Moho Nord field, a significant contributor to the country's oil output. TotalEnergies CEO Patrick Pouyanne expressed optimism about potential discoveries in the region.
TotalEnergies' move highlights concerns about Nigeria's attractiveness to foreign investors and the competitiveness of its oil and gas sector. The decision comes amidst ongoing policy uncertainties and challenges in Nigeria's investment climate.
Meanwhile, Congo stands to benefit significantly from TotalEnergies' investment, with opportunities for economic growth and regional development. The investment underscores the company's commitment to the Congolese hydrocarbon sector and its potential to drive industrialization and alleviate energy poverty in Africa.
Additionally, Congo solidified its strategic partnerships in the energy sector, with a recent memorandum of understanding signed with Algeria. This collaboration aims to enhance bilateral relations and leverage expertise in downstream oil activities. Both countries express optimism about the development of an African Energy Bank to support oil and gas projects across the continent.
