TotalEnergies Eyes $6bn Deepwater Investment in Nigeria.
President Bola Tinubu has reaffirmed Nigeria’s commitment to remaining a premier destination for both offshore and onshore investments. During a meeting with the Group Chairman and CEO of Total Energies Worldwide, Mr. Patrick Pouyanne, at the State House in Abuja on Monday, President Tinubu outlined his administration’s strategic vision and commitment to fostering a conducive investment climate.
“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,” President Tinubu stated. He emphasized the government’s dedication to reviewing and addressing fiscal and regulatory challenges to incentivize gas production as part of the transition to cleaner energy.
President Tinubu highlighted his administration’s resolve to eliminate barriers to investment in the oil and gas industry. “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,” he assured.
He praised Total Energies for its longstanding commitment and substantial investments in Nigeria’s oil and gas sector, viewing this as a testament to the company’s confidence in the country’s potential. The President reiterated that the Petroleum Industry Act (PIA) is designed to create a favorable investment environment and improve industrial peace and development.
In response, Mr. Patrick Pouyanne acknowledged Nigeria’s significance to Total Energies, noting that the country accounts for 8 to 10 percent of the company’s global production and over 18 percent of its worldwide investment. Pouyanne expressed the company’s readiness to invest $6 billion in the coming years, focusing on deepwater and gas production opportunities.
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“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,” Pouyanne said.
Pouyanne also emphasized Total Energies’ commitment to maintaining its zero-flaring policy in Nigeria, which aims to protect the environment and monetize gas resources in alignment with Nigeria’s Energy Transition Plan.
President Tinubu’s engagement with Total Energies underscores his administration’s proactive approach to enhancing the investment landscape in Nigeria, reinforcing the country’s position as a lucrative destination for international investors.
