Gordon Wilcox
Total (NYSE: TOT), Europe's third-largest oil company, may invest $20 billion in Nigeria, according to Acting President Goodluck Jonathan's office. Total did not confirm the agreement, but is already an active producer in Nigeria.
The French company said recently it has been encouraged by Nigeria's efforts to bring stability to its oil-rich Niger Delta where militant rebels have frequently attacked pipelines and other oil assets.
Nigeria, an OPEC member, is Africa's second-biggest oil producer behind Angola. Total pumped about 230,000 barrels per day of crude in Nigeria during 2009. Nigeria primarily produces light sweet crude oil, which is more easily refined than sour crude.
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