The Managing Director/Chief Executive Officer Total upstream companies in Nigeria, Mr Nicolas Terraz, on Wednesday said that the firm would boost the country’s daily oil production by 200,000 barrels from 2018.
Terraz, who was represented by Mr Biodun Afolabi, Executive Director, Corporate Affairs and Services, said that the additional barrels would come from the company’s multi-billion dollar Egina Field Development.
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 ongoing 2017 Nigerian Annual International Conference and Exhibition of the Society of Petroleum Engineers in Lagos, 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 $10bn in the Nigerian oil and gas sector.
“Today, we have the 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 a recession.
He said the 2017 conference and exhibition of the society provided a platform for the common objective of positioning the industry to absorb the vagaries of fluctuating price regimes, uncertainties and other challenges within the operating environment.
The three-day conference, which commenced on Monday, was attended by no fewer than 1,000 delegates from Nigeria and abroad.