The President and Chief Executive Officer of TotalEnergies worldwide, Patrick Pouyanne, has pledged to raise investment in Nigeria following the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) ‘s efforts to restore investors’ confidence in the oil and gas sector.
The TotalEnergies boss also disclosed that the energy firm has submitted a bid for the ongoing bid round for oil blocks.
Pouyanne said TotalEnergies’ decision follows the successful handling of the divestment request by the Commission’s Chief Executive, Gbenga Komolafe.
He said the NUPRC adhered to the provisions of the Petroleum Industry Act 2021 in its conduct of the divestment deals.
Pouyanne said these during a meeting with the NUPRC boss held at the Commission’s headquarters in Abuja.
The multi-billion dollar commitment is coming barely 12 days after the NUPRC announced that the federal government has approved four out of the five divestment requests received.
During the announcement, Komolafe, had said that the commission received a total of five divestment requests.
He listed the request as the NADC/ OANDO divestment; the Equinor/ Project Odinmim; the Total Energies/ Telema Energies, the MNO/Seplat divestment and SPDC/Reneissance divestment.
TotalEnergies/ Telema Energies divestment was among the successful divestments that received ministerial approval.
Experts believe that the divestment request handled by the Komolafe-led NUPRC is the most successful in the country’s history and effectively making the upstream industry more attractive.
Reacting to the development at the meeting with Komolafe, Total’s global boss pledged billion dollar investments in Nigeria’s oil and gas sector.
A statement released by the NUPRC in Abuja revealed that the meeting focused on key issues surrounding divestment, investment as well as regulatory consent.
During the meeting, the parties discussed ongoing initiatives related to the Shell Petroleum Development Company Joint Venture (SPDC JV), focusing on the current status of the deal and its potential implications for future investment opportunities in Nigeria’s upstream petroleum sector.
According to the statement, Pouyanne conveyed his company’s keen interest in pursuing further investment opportunities in Nigeria.
He informed the NUPRC chief executive that the company has registered for the current bid round, demonstrating its commitment to exploring new opportunities and seeking insights into the NUPRC’s perspective on the process.
The statement indicated that this included the Commission’s approach to contract types and the importance of partnerships within the bidding framework.
The TotalEnergies’ CEO also highlighted other areas of commitment, including Nigeria’s domestic crude oil supply obligations, aimed at enhancing operational efficiencies and aligning mutual objectives between the company and the NUPRC.
At the event, Komolafe underscored the NUPRC’s dedication to creating a supportive business environment in the upstream oil sector.
He noted that, as a regulator and a facilitator of business under the Petroleum Industry Act (PIA), the NUPRC is working on new regulations aimed at streamlining operations, attracting foreign investment, and simplifying business processes in Nigeria’s petroleum industry.