The President and CEO of TotalEnergies, Patrick Pouyanne, has announced the company’s readiness to invest billions of dollars in Nigeria’s oil sector, confirming its participation in the country’s ongoing oil bid round.
Pouyanne made the statement during a recent visit to the Nigerian Upstream Petroleum Regulatory Commission headquarters in Jabi, Abuja, where he met with the Commission’s CEO, Gbenga Komolafe.
The commitment comes as a significant move for TotalEnergies as it seeks to strengthen its presence in Nigeria’s oil and gas industry.
This announcement follows a few months after Pouyanne revealed that TotalEnergies had opted to invest $6 billion in Angola’s oil sector instead of Nigeria.
Despite this earlier decision, the latest pledge signals TotalEnergies’ continued interest in Nigeria, one of Africa’s largest oil producers, amid the country’s efforts to revitalize its oil industry through new exploration and production opportunities.
In a statement, the NUPRC said the meeting between Patrick Pouyanne and Gbenga Komolafe focused on critical issues such as divestment, investment, and regulatory consent.
The discussions also covered ongoing initiatives, particularly the Shell Petroleum Development Company Joint Venture deal.
The meeting addressed the current status of the deal and its potential implications for future investment opportunities in Nigeria’s upstream petroleum sector.
The TotalEnergies CEO was reported to have expressed his company’s strong interest in exploring additional investment opportunities in Nigeria, signaling a renewed commitment to the country’s oil and gas sector.
““He informed the CCE that TotalEnergies has registered for the current bid round, signalling its commitment to exploring new opportunities and gaining insight into the NUPRC’s perspective on the process. These include the commission’s approach to contract types and the necessity of partnerships within the bidding framework,“ the statement noted.
According to the NUPRC, other areas of interest for TotalEnergies include Nigeria’s domestic crude oil supply obligations. The aim is to strengthen operational efficiencies and align with mutual objectives between the company and NUPRC.
“Mr Pouyanne also noted his company’s interest in the regulatory aspects of decommissioning and abandonment, crucial components as Nigeria seeks to modernise its upstream petroleum landscape.
“The TotalEnergies CEO also commended NUPRC for the restoration of investors’ confidence in the Nigerian upstream sector and promised billions of USD investment and participation in the 2024 licensing round,“ the commission added.
Komolafe highlighted the NUPRC’s commitment to creating a favorable business environment for oil and gas investments in Nigeria.
He emphasized that, as an enabler under the Petroleum Industry Act, the NUPRC is actively developing new regulations aimed at streamlining operations, attracting foreign investments, and simplifying business processes within the country’s petroleum sector.
