Total Nigeria, Wednesday, said it would boost the country’s daily oil production by 200,000 barrels from 2018.
Nicolas Terraz, managing director/chief executive officer, Total upstream companies in the country, stated this in Lagos at the 2017 Nigerian Annual International Conference and Exhibition of the Society of Petroleum Engineers.
The three-day conference which started on Monday was attended by 1,000 delegates from Nigeria and abroad.
Terraz, who was represented by Biodun Afolabi, executive director, corporate affairs and services, said the additional barrels would come from the company’s multi-billion dollar Egina Field.
“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 US$10 billion in the Nigerian oil and gas sector.
See also: Nigeria, Angola crude demand firm as international refiners run full steam on booming margins
“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 the recession.
Total Nigeria Plc in its first quarter 2017 showed that operating profit jumped to N4.4 billion against N4.0 billion recorded in the year 2016.
According to the document, Total recorded N4.2 billion as its profit before taxation in the first quarter of 2017 against N3.8 billion recorded in the previous year.