Multinational energy company Total Energies Worldwide has expressed its commitment to invest $6 billion in Nigeria’s deep water and gas production sectors. The announcement was made during an official visit to the Nigerian President, Bola Ahmed Tinubu, at the State House on Monday.
President Tinubu welcomed the Group Chairman and CEO of Total Energies Worldwide, Mr. Patrick Pouyanne, and stated that Nigeria has eliminated all anti-investment impediments in the oil and gas industry. The President assured the international investment community that Nigeria is dedicated to becoming a premier destination for offshore and onshore investments.
“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,” said President Tinubu.
He commended Total Energies for its long-standing exploration and investment in Nigeria’s oil and gas sector, citing it as evidence of the company’s confidence and commitment to the country.
President Tinubu emphasised his administration’s determination to enhance the investment climate in Nigeria, highlighting that the Petroleum Industry Act (PIA) aims to create a favourable investment and work environment. He reiterated the government’s commitment to industrial peace, harmony, and development.
Patrick Pouyanne, the Global CEO of Total Energies Worldwide, expressed Nigeria’s significance to the company, accounting for 8 to 10 percent of its worldwide total production and over 18 percent of global investment. Pouyanne informed President Tinubu that the company is ready to invest $6 billion in the coming years, focusing on deepwater and gas production opportunities.
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,” stated Pouyanne. He also highlighted the company’s commitment to maintaining a zero-flaring position in Nigeria, contributing to the country’s Energy Transition Plan by monetising available gas resources, and promoting environmental sustainability.