July 21, 2024

TotalEnergies to invest $6bn in Nigeria’s deepwater, gas production in 2024, depends on Tinubu’s commitment to fiscal incentives  

Mr. Patrick Pouyanne, Group Chairman and CEO of Total Energies Worldwide and team, meet President Bola Tinubu



..good handshake we have is for partnership to incentivize gas production in pursuit of energy transition – Tinubu


Patrick Pouyanne, TotalEnergies’ Group Chairman and CEO, has announced his company’s plan to invest $6 billion in deepwater and gas production opportunities across Nigeria in 2024, leveraging on President Bola Tinubu’s commitment to providing fiscal incentives, policies, and guaranteed security,


The Global CEO of Total Energies Worldwide made this known on Monday in Abuja, during a meeting with President Tinubu.


Earlier, President Tinubu in his remark to the delegation, assured the international investment community that his administration would ensure that Nigeria remains a top-level destination for offshore and onshore investments.


According to him, the good handshake that we have is for partnership and to accelerate and incentivize gas production in pursuit of the energy transition.


He also reiterated the federal government’s commitment to remove all anti-investment impediments in the country.


“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,” President Tinubu said.


He commended Total Energies for its years of exploration and investment in Nigeria’s oil and gas sector, citing the feat as evidence of the company’s commitment and confidence in Nigeria.


President Tinubu assured the delegation that his administration was determined to improve the investment climate in Nigeria, emphasizing that the aim of the Petroleum Industry Act (PIA) is to create a favourable investment and work environment.


He affirmed his administration’s commitment to making the necessary efforts for industrial peace, harmony, and development.


“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.


“We will review troublesome areas, fiscally and otherwise, to incentivize gas production in the age of transition to cleaner energy. We are ready to make a difference as a government,” President Tinubu said.


Meanwhile, the Total Energies Worldwide, Global CEO, informed President Tinubu that Nigeria was “very important” for Total Energies, accounting for 8 to 10 percent of the company’s worldwide total production and over 18 percent of its global investment.


He said, “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 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 Total Energies Worldwide Group Chairman stated.


Pouyanne further highlighted Total Energies’ commitment to maintaining 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.