The President/Chief Executive Officer of TotalEnergies worldwide, Patrick Pouyanne, says the company is ready to invest billions of dollars in Nigeria by participating in the ongoing oil bid round in the country.
Speaking when he visited the Chief Executive of the Nigerian Upstream Petroleum Regulatory Commission, Mr. Gbenga Komolafe, at the commission’s headquarters in Abuja, Pouyanne expressed his company’s interest in exploring additional investment opportunities in Nigeria.
According to the statement by the NUPRC, the meeting focused on key issues surrounding divestment, investment, and regulatory consent, addressing ongoing initiatives related to the Shell Petroleum Development Company Joint Venture deal which covered the deal’s current status and its potential implications for future investment opportunities in Nigeria’s Upstream petroleum sector.
“He informed the CCE that TotalEnergies has registered for the current bid round, signalling its commitment to exploring new opportunities and gaining insight into the NUPRC’s perspective on the process. These include the commission’s approach to contract types and the necessity of partnerships within the bidding framework,“ the statement said.
The other areas of interest for TotalEnergies, according to the NUPRC, include Nigeria’s domestic crude oil supply obligations. The aim is to strengthen operational efficiencies and align with mutual objectives between the company and NUPRC.
Mr Pouyanne also noted his company’s interest in the regulatory aspects of decommissioning and abandonment, crucial components as Nigeria seeks to modernise its upstream petroleum landscape.
“The TotalEnergies CEO also commended NUPRC for the restoration of investors’ confidence in the Nigerian upstream sector and promised billions of USD investment and participation in the 2024 licensing round,“ the Punch newspaper report on Thursday quoted the commission as saying.
It added that Komolafe highlighted the NUPRC’s commitment to fostering a favourable business environment.
He also emphasised that as an enabler of business under the Petroleum Industry Act, the NUPRC is developing new regulations designed to streamline operations, encourage foreign investments, and simplify business processes in Nigeria’s petroleum sector.
GIK/APA