French oil major Total SA is investing $20 billion with partners in four energy projects in Nigeria over the next four to five years, a company spokesman said Tuesday.
Totalâ€™s share of the investment over this period will be around $7 billion, the spokesman added, declining to go beyond terming the investments as being for energy projects.
He didnâ€™t specify the names of Totalâ€™s partners in the projects.According to the company Web site, Totalâ€™s share of production reached 246,000 barrels of oil equivalent a day in 2008. Total says it has been exploring and producing in Nigeria since 1962. It operates seven production permits out of the 47 in which it holds an interest, and two exploration permits out of the eight in which it holds an interest.
This is coming just as Ghana, Nigerian Ghana to Submit Oil Bill Ahead of Jubilee Production This is coming just as Ghanian PresidentÂ John Atta Mills announced that his government will soon submit to parliament an oil and gas revenue management bill ahead of planned oil production in the last quarter of this year.
â€œGhana is preparing an oil and gas revenue management bill to be submitted to the parliament for approval,â€ he told lawmakers while presenting his state of the nation address.
â€œThe [Oil and Gas Revenue Management] bill will ensure transparency in management and will commit the bulk of the oil revenue to a shared growth fund to finance investments and infrastructure development,â€ he said.
Ghana plans to launch oil production from its Jubilee oil field in the last quarter of this year.In June 2007, U.K. oil and gas company Tullow Oil PLC (TLW.LN) announced that it had discovered up to 600 million barrels of oil in the West Cape Three Points block off Ghanaâ€™s coast.
For foreign exchange income, Ghanaâ€™s oil is set to upstage the gold, cocoa and timber exports it previously relied on.
Industry sources say the crude found off Ghana is of a quality even easier to refine than the light, sweet crude found in Nigeria, one of the worldâ€™s largest oil producers.
Revenue derived from oil will be invested in the national power supply, with improvements to the road network and water supply, construction of a deep sea oil port and revamping railway lines, Atta-Mills said.â€œThese projects will not only create significant employment themselves but will also support the growth of other industries,â€ he told the parliamentarians.