Total oil on Wednesday said that it would boost the Nigeria’s daily oil production by 200,000 barrels from 2018.
Mr Nicolas Terraz, Managing Director of Total upstream said that the additional barrels would come from the company’s multi-billion dollar Egina Field Development.
Mr Biodun Afolabi, Executive Director, Corporate Affairs and Services of Total spoke on behalf of Terraz at the on-going 2017 Nigerian Annual International Conference and Exhibition of the Society of Petroleum Engineers in Lagos.
According to the chief executive officer, the Egina Field Development will come on stream in 2018.
The managing director, who made the disclosure at the event, restated the company’s unflinchingly commitment to the future of Nigeria.
“The company is at present along the value chain from upstream to the downstream sector where Total is a leader, with close to 550 service stations across the length and breadth of Nigeria.
“In the last five years, the Total Group has invested $10 billion in the Nigerian oil and gas sector.
“Today, we have expertise and strong positions in the onshore, offshore and deep offshore.
“Our Egina Field Development, which is near completion, is expected to add 200,000 barrels per day to Nigeria’s output, when it comes on stream in 2018,’’ he said.
Terraz said the industry was facing a shakeout, as oil price is still low, and the economy is recovering from recession.
He said the 2017 conference and exhibition of the society provided a platform for common objective of positioning the industry to absorb the vagaries of fluctuating price regimes, uncertainties and other challenges within the operating environment.