The Federal Government has reiterated its determination to boost crude oil output through supportive incentives and partnerships with international oil companies, even as TotalEnergies confirmed the transfer of its stake in the Bonga North development to Shell.

The assurance came during a meeting in Abuja between the Minister of State for Petroleum Resources (Oil), Senator Heineken Lokpobiri, and Mr. Nicolas Terraz, President, Exploration & Production at TotalEnergies SE.

Mr. Terraz provided updates on the company’s Nigerian operations, noting that additional wells had been successfully drilled and production remained stable. He also emphasised that while the company had divested from Bonga North, it remained committed to long-term investments in Nigeria.

“TotalEnergies is fully committed to supporting Nigeria’s energy goals. Our continued investment in projects like Ubeta demonstrates our long-term vision, even as we responsibly rebalance our portfolio with the divestment in Bonga North,” Mr. Terraz said in a statement issued by Nneamaka Okafor, Special Assistant on Media and Communications to the Minister.

Senator Lokpobiri praised TotalEnergies’ contributions, describing the company as a strategic partner in Nigeria’s upstream oil and gas sector. He stressed that government incentives were designed to sustain production growth and encourage new drilling campaigns.

“Our support and incentives as a Government have continued to inspire a production trajectory that aligns with our goal of ramping up production,” the Minister said. “We are committed to implementing the deepwater incentives to ensure this momentum is sustained and not eroded.”

The Minister also underlined the importance of fresh investment, adding that asset transfers must guarantee operational capacity.
“We are absolutely in support of divestments where necessary, but it is critical that there is demonstrated capacity to manage the assets being transferred,” he stated.

The engagement reaffirmed Nigeria’s intent to provide a stable operating environment for investors while securing increased production to meet both local demand and international market commitments.