• Thursday, February 22, 2024
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TotalEnergies says Nigeria houses 18% of firm’s global investment

TotalEnergies follows Shell, eyes exit from Nigerian onshore oil

…to invest additional $6bn

Patrick Pouyanne, Global CEO of TotalEnergies Worldwide, on Monday, said the oil company would invest additional $6 billion in the Nigerian oil industry

The Total Global CEO, who met with President Bola Tinubu at the Presidential Villa, Abuja, described Nigeria as “very important” for TotalEnergies, accounting for 8 to 10% of the company’s worldwide total production and over 18%% of its global investment.

Read also: NNPC Ltd, TotalEnergies sign MOU on adoption of methane detection technology

He said, “Mr. President, we are ready to invest $6 billion in the coming years. We are looking extensively at more deepwater production and gas production opportunities across the terrain. We welcome your policies and your personal commitment to ensuring that all required fiscal incentives are provided while security issues are tackled. Everything is here.

“We just need to conclude with the tweaks and changes necessary to unlock the outstanding potential in both oil and gas.”

Pouyanne also highlighted the company’s commitment to maintaining zero-flaring position in Nigeria in order to both heal the environment and monetize all available gas resources in support of Nigeria’s Energy Transition Plan.

Responding, President Bola Tinubu assured the international investment community that his Administration would ensure that Nigeria remains a top-level destination for offshore and onshore investments.

The president reiterated the Federal Government’s commitment to remove all anti-investment impediments in the country.

“We are committed to removing all cobwebs and anti-investment impediments in the oil and gas industry. We have a clear path that we are committed to pursuing. We are ready to work with you”, President Tinubu said.

He commended TotalEnergies for its years of exploration and investment in Nigeria’s oil and gas sector, citing the feat as evidence of the company’s commitment and confidence in Nigeria.

President Tinubu also assured the delegation that his Administration is determined to improve the investment climate in Nigeria, emphasizing that the aim of the Petroleum Industry Act (PIA) is to create a favourable investment and work environment.

He affirmed his Administration’s commitment to making the necessary efforts for industrial peace, harmony and development.

Read also: Nigeria’s oil production not affected by Egina field leak — TotalEnergies

“The moment I took over, there was a clear path that we set out to pursue, and we will ensure that Nigeria remains a top-level investment choice in the dynamics of the offshore and onshore sectors.

“We will review troublesome areas, fiscally and otherwise, to incentivize gas production in the age of transition to cleaner energy. We are ready to make a difference as a government. The good handshake that we have is for partnership and to accelerate and incentivize gas production in pursuit of the energy transition”, he said.