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Again, TotalEnergies snubs Nigeria, announces $600 million investment deal in Congo

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French oil major, TotalEnergies, has announced a $600 million investment deal in the Republic of Congo few days after the CEO said the company chose Angola over Nigeria for a $6 billion energy project.

Recall earlier this week, ThePressNG reported TotalEnergies’ CEO, Patrick Pouyanne, stating that the company chose to invest $6 billion in Angola over Nigeria due to policy inconsistencies and other issues in the country.

Following this, the company also announced a $600 million investment in Congo for oil production and exploration, once again overlooking Nigeria, Africa’s largest oil producer.

According to the press statement on Thursday, the investment will be used to finance exploration and maintain production in the country’s deep offshore Moho Nord field.

According to the statement, in April this year, TotalEnergies, through its subsidiary TotalEnergies EP Congo, signed an agreement to purchase a 10% stake in the Moho permit from Trident Energy.

Furthermore, the African Energy Chamber (AEC) reported that upon completion of this transaction, TotalEnergies will hold a 63.5% operating stake in the permit.

Trident Energy will maintain a 21.5% share, and the Republic of Congo’s national oil company, Société Nationale des Pétroles du Congo (SNPC), will have a 15% stake.

Earlier on Monday, ThePressNG reported that the CEO of TotalEnergies, Patrick Pouyanne, explained why the company is investing a whooping sum of $6 billion in energy projects in Angola over Nigeria.

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