President Bola Tinubu has assured the global investment community that his administration is dedicated to positioning Nigeria as a premier destination for both offshore and onshore investments. During a meeting with Mr. Patrick Pouyanne, the Group Chairman and CEO of Total Energies Worldwide, President Tinubu emphasized the government’s commitment to eliminating obstacles that hinder investment 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,” stated Tinubu.
He lauded Total Energies for its longstanding exploration and investment endeavors in Nigeria’s oil and gas sector, considering it a testament to the company’s enduring commitment and confidence in the country. President Tinubu assured the delegation that his administration is focused on enhancing the investment climate, with the Petroleum Industry Act (PIA) designed to create a favorable environment for investment and work.
“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. The good handshake that we have is for partnership and to accelerate and incentivize gas production in pursuit of the energy transition,” he added.
Patrick Pouyanne, the Global CEO of Total Energies Worldwide, emphasized Nigeria’s strategic importance to the company, constituting 8 to 10 percent of its global production and over 18 percent of its worldwide investment. Pouyanne announced the company’s readiness to invest $6 billion in the coming years, exploring deepwater and gas production opportunities. He expressed appreciation for the government’s policies and commitment to providing necessary fiscal incentives while addressing security concerns.
“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, underscoring Total Energies’ dedication to maintaining a zero-flaring position in Nigeria, contributing to environmental preservation and supporting Nigeria’s Energy Transition Plan by monetizing all available gas resources.
