TotalEnergies’ recent oil discovery at Ntokon in the Niger Delta is anticipated to be Nigeria’s largest shallow water find in a decade, according to energy research and consultancy group Wood Mackenzie. The estimated resources in the field range from 300 million to 400 million barrels of oil equivalent, signifying a significant opportunity for Nigeria’s oil production.
Wood Mackenzie’s Director of Upstream Research, Gail Anderson, highlighted the ample potential for further exploration in the shallow water Niger Delta. The discovery demonstrates the viability of shorter-cycle tie-backs, which offer cost savings and lower emissions compared to stand-alone developments.
The Ntokon discovery holds the promise of driving investment and revitalizing Nigeria’s declining oil production. With the potential for lower-cost and lower-carbon projects, the development could attract global interest and contribute to the country’s economic growth. TotalEnergies’ success in the region further supports their strategy of focusing on low-cost and low-emission oil projects.