TotalEnergies eager to develop oil assets — Deputy MD

TotalEnergies EP Nigeria is racing to unlock the full potential of its oil assets in Nigeria, driven by what the company describes as a “desperation” to optimise existing fields and accelerate new deepwater projects, the Deputy Managing Director, Deepwater Asset, Victor Bandele, told participants at the ongoing NAPE conference in Lagos.

Bandele, speaking during a panel session, traced the company’s deepwater journey in Nigeria, highlighting key milestones and the operational challenges that have shaped its strategy. “There is a desperation to bring all the tiebacks that are possible on that asset in place. We are working on all the possible tiebacks. And that’s one of the reasons why I will always go to the regulator to say the environment needs to help me to do more. So, we build that on the existing assets,” Bandele said.

He stressed that TotalEnergies’ drive is not limited to maximising production from current fields but also includes exploration in older fields like Akpo and developing new blocks in deepwater.

“We are building exploration wells on even old fields like Akpo. We still have opportunities for exploration around there. So, we have plans with our partners. We have potential exploration objectives for next year,” he stated.

“We have a desperation in TotalEnergies. And that desperation is to ensure the optimal development of all the assets that are in our possession,” he said.

Bandele said this will begin with existing assets like Egina, which has a Floating Production, Storage and Offloading vessel capable of moving up to 200,000 barrels of oil per day but is doing less than 100,000 barrels due to the natural decline of the field. Bandele disclosed the company’s plans for its newly acquired block, saying, “We acquired a new block. This new block is in the deep water, and it’s a big one. We are hoping, and we are going to try to mature it as quickly as possible. So, there is a possibility of moving into that block in 2026.”

He recounted the company’s deepwater milestones in Nigeria, noting the “series of first oils” from key projects: Akpo in 2009, Usan in 2012, and Egina in 2018.

He highlighted that each field operates with a dedicated FPSO, representing substantial capital investment. “Our operational efficiency was increasing with each FPSO that you bring to it. Because then you see a significant number of synergies that you’re able to do with two FPSOs working simultaneously; when you add a third one, you have even increased operational efficiency,” Bandele explained.

According to him, Nigeria was expected to follow the deepwater development trajectory of countries such as Brazil and Angola, but progress has slowed.

“After the investment in Egina and the first oil in 2018, there is no other new FPSO coming to our water. This was a trend that Nigeria was supposed to follow. Deep water was supposed to be a major area of growth for us. But I dare say, after Egina, we stopped. So this is a problem that seems to have been solved with the PIA. There is a lot of activity going on in Shell now with Bonga, of which I am also a partner. I think the government is doing its own bit in opening the space,” he added.

The deputy managing director highlighted how multiple FPSOs and shared operations could improve efficiency and reduce costs, noting the challenges of operating alone in Nigeria’s deepwater sector. “In the last two years, we were drilling on Akpo and Egina as the only operator drilling in the deep water. I see the big problem that I encountered because when my drilling contractors are having challenges, the only way to get support is from Angola or from far away. And the reaction time is definitely not optimal. So, if we are having a lot of operations going on in the deep water, first, we will have a lot of synergy in terms of those operations; you will not believe how much cost that brings back.”

He cited TotalEnergies’ history of collaboration, including bringing in the Q7000 vessel in 2002, as a model for shared services.

“We had the Q7000 that was in our waters in 2002. We were in the forefront of bringing it in. But almost all the IOCs benefited, and all of us used it afterwards. So sharing and collaboration still become the key. But you will share only what you have. So let’s help a lot so that we can share a lot.”

Bandele argued that the more activity there is in deepwater, shallow water, and onshore operations, the greater the operational efficiency and cost savings for all operators.

“As soon as you have a lot of activities going on in deepwater space, in the shallow water space, and onshore, honestly the amount of operational efficiency that comes from there is significant. And we need to support one another,” he advised.

Source: https://punchng.com/totalenergies-eager-to-develop-oil-assets-deputy-md