Despite uncertainty in the nation’s oil sector prior to the signing of Petroleum Industry Bill (PIB) into law by the President Mohammadu Buhari on Monday, TotalEnergies said it has invested over $10 billion in Nigeria in the last 10 years as it unveils seven strategic areas of investment for the next decade.
Speaking during a visual media parley on Thursday, TotalEnergies Nigeria Deputy Managing Director, Deepwater District, Victor Bandele, said with strong commitment to Nigeria’s economy, the company has invested over $10 billion in oil and gas business in Nigeria with daily crude oil production of 600,000 barrels of which 273,000 bpd are withhold by the company under joint venture arrangements.
He noted that with the unveiling of the new company’s name, TotalEnergies is moving from investing in oil to gas and electricity, hydrocarbon, biomass and wind.
“We shall be growing our Liquefied Natural Gas (LNG) business and develop renewable gas (biogas), promote natural gas for power and mobility. We shall accelerate investments in low carbon electricity primarily from renewables and integrate along the electricity chain. We shall be focusing our investments on low cost oil as being canvassed by our partner, the Nigerian national Petroleum Corporation (NNPC) and renewable fuels such as biofuels as well as adapt refining capacity and sales to demand in Europe”
Speaking on efforts of the oil company to end gas flaring in all its facilities, the DMD explained that between 2010 and 2021 gas flared volumes have reduced by 75 per cent from 3.32 million standard cubic feet per day (scf/d) to 0.827scf/d adding that the company’s plan is to end routine flaring by year 2025.
Bandele stressed that for continuity of oil and gas business in Nigeria, cost of oil production in Nigeria must not exceed $10 per barrel or must remain below $10 per barrel. The company listed also good environment as second factor; which industry stakeholders say to include security of assets and human capital.
He pledged TotalEnergies’ commitment to remain and do business in Nigeria despite the perceived intentions that the French company may follow the Royal Dutch multi-national firm, Shell to pull out it’s onshore investments in the country.
Explaining the company’s Carbon Credit project, Mr.Charles Ebereonwu, Country Communication Manager at TotalEnergies said that Carbon credit is a permit that allows the company that holds it to emit a certain amount of carbon dioxide or other greenhouse gases.
He pointed out that it was through TotalEnergies carbon credit project that made Nigeria to earn about £1 million.
“Two major ways is either you use your positive carbon credit position to offset your negative position in other businesses to create a carbon neutrality or you can monitise it for someone in negative position” Ebereonwu explained.