Total to Invest $20B with Partners in Nigeria Projects

Nigeria, West Africa
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Nigerian Blocks
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PARIS (Dow Jones), Feb. 23, 2010

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.

Total'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 didn't specify the names of Total's partners in the projects.

According to the company Web site, Total'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.

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