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Nigeria signs $800 million offshore gas project with TotalEnergies
Filed 43m ago · Via Courthouse News · The Buffoon Desk
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Kevin MacLeod · incompetech.com · CC BY 4.0
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Nigeria and TotalEnergies announced an $800 million investment in the offshore Ima gas field, located about 12 miles from the Port Harcourt LNG terminal in the Niger Delta. TotalEnergies holds 40% of the project, with Nigerian firm ANMI owning the rest of a field discovered roughly 50 years ago but never developed.
President Bola Tinubu, who has pushed to raise oil and gas output since 2023, said the deal reflects his government's effort to convert natural resources into investment. Nigeria's oil output has climbed to 1.6 million barrels a day, still short of its 2 million barrel target for 2027, while TotalEnergies projects Ima production will begin in 2028 at a plateau of 350 million cubic feet per day.
The full dispatch is available from the source below.
✒ FROM THE EDITORIAL DESK
A gas field that sat untouched for half a century is now the centerpiece of a growth plan, which tells you plenty about how long these promises take to cash in. Two thousand twenty-eight is a comfortable year to promise something, far enough off that nobody in office now has to answer for it. Call it optimism with a very patient calendar.
