IT’S WAR FOR INVESTMENT! TOTALENERGIES, CHEVRON, NNPC, HEIRS ENERGIES UNLEASH BOLD PLAN TO DOUBLE NIGERIA’S OIL FORTUNE AT NAICE 2026 BY RASHEED KOMOLAFE AND AMINAT KOMOLAFE MUSTAPHA
TOTALENERGIES SPEAKS
GREATRIBUNETVNEWS– “TotalEnergies Deputy Managing Director for the Deepwater District, Victor Bamidele, spoke on the impact improved fiscal incentives have made operators reconsider investments that had remained dormant for several years.”
“He spoke on Ubeta gas development among others as one of the projects reflecting renewed investor confidence and significant Nigerian participation.”
LAGOS ON FIRE AS OIL MAJORS REVEAL HOW TO BRING BACK DORMANT BILLIONS — UBETA GAS PROJECT SET TO PUMP 300 MILLION CUBIC FEET DAILY !
KEY ISSUES — ITEMISED WITH FULL QUOTATIONS:
1. THE BIG FOCUS
“TotalEnergies, Chevron, Heirs Energies, etc. examine essential steps needed to attract investment and increase production in Nigeria oil and gas at NAICE 2026”
2. THE POWER PANEL
“Representatives of the oil giants, TotalEnergies, NNPC, Chevron and Heirs Energies presented their views at the NAICE panel discussion in Lagos on Tuesday, August 4, 2026.”
3. THE EVENT
“The session is part of the Society of Petroleum Engineers’ Nigeria Annual International Conference and Exhibition, held at Eko Hotels and Suites from August 3 to 5.”
4. THE STRATEGY
“Executives of the oil giants Examine Investment and Local Content”
“The panel titled ‘Policy in Practice: Aligning Fiscal Strategy, Foreign Investment and Local Content for Sustainable Growth in Nigeria.'”
5. THE VERDICT
“Discussant emphasized the need to align fiscal reforms and foreign capital with local content to support sustainable industry expansion”
7. THE MEGA DEAL
“TotalEnergies and NNPC Limited approved the final investment decision for Ubeta in June 2024. The company expects production to begin in 2027 and reach about 300 million cubic feet of gas daily at its plateau.”
According to him, gas from the Rivers State project is expected to be processed through existing infrastructure and supplied to the Nigeria LNG plant on Bonny Island.
Bamidele stated: “TotalEnergies and NNPC Limited approved the final investment decision for Ubeta in June 2024. The company expects production to begin in 2027 and reach about 300 million cubic feet of gas daily at its plateau.”
He added that the company was also approaching a final investment decision on the Ima project, with first oil targeted for 2028.
On Preowei and exploration, Bamidele said work was continuing on the Preowei development alongside the company’s renewed exploration programme.
He disclosed that one exploration well is planned for 2026, while two additional deepwater wells are expected in 2027.
He noted that TotalEnergies has previously said the Preowei tie-back project is intended to develop an offshore discovery by using existing facilities in the OML 130 area, an approach consistent with its preference for lower-cost developments that use established infrastructure.
Bamidele emphasized the need to embrace the Federal Government’s local content policy, saying the profitability of major Nigerian projects will increasingly depend on the quality, efficiency, and competitiveness of local contractors.
Chevron
Chevron Nigeria’s General Manager for Policy, Government and Public Affairs, Olusoga Oduselu, said effective policy implementation and a conducive environment are the panacea needed for engineering, technology and production to advance.
He said Chevron has consistently supported the government by participating fully in the petroleum industry for decades through partnerships, training, financing and the award of project responsibilities to indigenous businesses.
He cited the Sonam development as an example of fabrication and integration work performed in Nigeria through collaboration with Nigerdock and Hyundai Heavy Industries. He identified Sonam among its major Nigerian gas projects and said the company remains committed to developing the capabilities of local suppliers and service companies.
The executive also referred to Chevron’s support for Nigerian companies involved in the Agbami deepwater development, including Marine Platforms, adding that some businesses that received early technical and financial assistance had grown into major contractors serving several operators across the sector.
Heirs Energies
Heirs Energies Managing Director and Chief Executive Officer, Osa Igiehon, who spoke on the company’s production growth, said indigenous operators have become increasingly important to Nigeria’s oil and gas production.
He attributed the success to asset acquisitions, improved pipeline security, regulatory reforms and greater participation by domestic companies.
According to him, Nigerian operators now account for more than 60 per cent of national oil production, compared with between 20 and 30 per cent before the COVID-19 pandemic. The percentage was presented as the executive’s industry assessment during the conference.
Igiehon said Heirs Energies increased its oil production from about 25,000 barrels per day when it acquired OML 17 in 2021 to more than 55,000 barrels daily. The company has separately reported production exceeding 50,000 barrels per day and gas output of approximately 120 million to 135 million standard cubic feet daily.
He credited the success to the Nigerian workforce, saying the production gains were achieved with a fully Nigerian workforce and extensive use of indigenous contractors.
He said Heirs Energies also improved the proportion of crude successfully reaching its export terminal from about three per cent at acquisition to between 95 and 100 per cent.
He added that 95 per cent of its contracting was awarded to indigenous firms, while its OML 17 operations are managed entirely by Nigerian personnel.
He noted that the next phase of growth requires larger Nigerian service companies with better financing, manufacturing facilities and the capacity to execute complex contracts.
About the Author
