10:36 AM EST, 11/29/2024 (MT Newswires) -- TotalEnergies (TTE) is planning a $750 million gas project in Nigeria next year, Bloomberg News reported Friday, citing senior vice president Africa Mike Sangster.

Earlier this year, TotalEnergies approved a $500 million investment in a joint venture with the Nigerian National Petroleum to develop the Ubeta onshore field, aiming to supply 300 million cubic feet of gas per day to the Nigerian LNG plant, the media outlet reported.

TotalEnergies is planning the gas project joint venture, Ima, in shallow waters, according to Bloomberg News.

The company reportedly wants Nigeria to relax local content rules to encourage international contractors specializing in deep-water projects to stimulate competition and unlock stalled investments.

TotalEnergies did not immediately respond to a request for comment from MT Newswires.

(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)

Price: 57.73, Change: +0.57, Percent Change: +1.00