Total Energies to Invest $6bn in deep water exploration, gas production
NIGERIA, Dec. 19 – The Nigeria oil and gas sector is unarguably the sector with the largest foreign investment in the country. President Bola Tinubu, on Monday, pledged to the international investment community that his administration would preserve Nigeria as a top-level destination for investments in both offshore and onshore locations.
President Tinubu told the Group Chairman and CEO of Total Energies Worldwide, Mr. Patrick Pouyanne, at the State House, Abuja that, “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.”
This came as Total Chief Executive, revealed plans by his company to invest $6bn in deep-water and gas production opportunities across Nigeria’s oil and gas sector.
As revealed in a statement signed by the Special Adviser to the President on Media and Publicity, Ajuri Ngelale on Monday, titled, ‘President Tinubu: Nigeria remains top-level destination for offshore/onshore investments.’
The President commended Total Energies for its years of exploration, production and investment in the country’s oil and gas sector, citing it as evidence of the company’s commitment and confidence in Nigeria.
President Tinubu also assured the delegation that his administration was determined to improve Nigeria’s investment climate, stressing that the aim of the Petroleum Industry Act (PIA) is to create a favourable investment and work environment.
He attest to his administration’s determination to making the required efforts for industrial peace, harmony, and development, stating that, “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.”
The President pledged to “review troublesome areas, fiscally and otherwise, to incentive gas production in the age of transition to cleaner energy.”
He added “We are ready to make a difference as a government. The good handshake that we have is for partnership and to accelerate and incentive gas production in pursuit of the energy transition.”
The CEO of Total Energies, Pouyanne, on his part, informed President Tinubu that Nigeria was “very important” for Total Energies, accounting for 8 to 10 % of the company’s worldwide total production and more than 18% of its investment worldwide.
He said, “Mr. President, we are ready to invest $6bn 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,” the Group Chairman of Total Energies Worldwide added.
He also highlighted the energy giant’s determination to sustained its zero-flaring position in Nigeria to both heal the environment and monetize all available gas resources in support of Nigeria’s Energy Transition Plan.
The Company which is one of the top oil and producers in Nigeria, is committed to its business in accordance with the laws and regulations of the country, in line with global best practices in the oil and gas sector.
