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Total invests $10bn in Nigeria’s oil sector in 5 years

Total invests $10bn in Nigeria’s oil sector in 5 years

ABUJA: Mr Nicolas Terraz, the Managing Director and Chief Executive, Total Upstream Companies in Nigeria, said the companies invested over 10 billion dollars in the country oil and gas sector. Terraz disclosed this during the 2017 August Conference of Association of Energy Correspondents of Nigeria (NAEC) in Lagos. According to him, with expertise and strong position in the onshore, offshore and deep offshore, its Egina field development nearly completed, was expected to add 200,000 barrel per day to Nigeria’s output on stream in 2018. The managing director said the company was presently along the value chain from upstream to the downstream sector where Total was a leader with close to 550 service stations across the length and breadth of Nigeria.

“Total as an international, integrated energy company with presence in more than 130 countries around the world, is always willing to work with host nations for the provision of what we call `Better Energy’. “This in a nutshell means improving the lives of the citizens of our host nations, beyond the provision of clean and affordable energy.” He said the industry was facing prolonged low prices that were just beginning to show hopeful signs that the worst was over while the power sector, though with boundless opportunities, was faced with a legion of challenges. He said the time had come for all hands to be on deck to seek innovative solutions to the challenges of the oil and gas and energy macro sector. “It is in this regard, that I commend the organisers of this conference for choosing a very apposite theme: “PIGB: Prospects and Challenges to Nigerian Oil and Gas Industry”.

“The oil and gas operating environment in Nigeria had for long been beclouded by regulatory and fiscal uncertainties due to the non passage of the omnibus Petroleum Industry Bill (PIB). Terraz said this had resulted in loss of investments as investors, who dreaded uncertainty, diverted their funds to more friendly climes. “Total in Nigeria, therefore, welcomes the passage of the PIGB and fervently hopes that no effort will be spared in addressing all regulatory and fiscal hurdles facing the industry, in a holistic manner. “I would like to state that the Total Group has unflinching faith in the future of Nigeria,” he said. Mr Yunus Yusuf, the Chairman of NAEC, said this year’s theme was chosen in view of the current realities in the industry.

According to Yusuf, oil price has remained low since late 2014, which threatens implementation of the national budget. “France and United Kingdom had announced plans stop use of petrol and diesel cars from 2040. “As stakeholders, we know the implications of these situations to the nation’s oil industry and economy both in short and long term. “Major oil producing countries such as Saudi Arabia have begun to diversify into other sectors and making reliance on oil cash less attractive. “But the Petroleum industry Bill (PIB), which seeks to open up the sector to investors, create better business opportunities, transparency and accountability, has been on the table at the National Assembly for 17 years. “The Senate in May this year passed the first part of the much anticipated Petroleum Industry Bill (PIB) – governance aspect. “We have assembled in this distinguished house, thoroughbred professionals and experts from both government and the private sector, to examine these issues and find sustainable solutions to them,” he said.