TotalEnergies Announces Plans to Invest Billions in Nigeria’s Oil Sector Amid Policy Changes
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TotalEnergies, a global energy giant, is set to make substantial investments in Nigeria’s oil sector, expressing its readiness to spend billions of dollars in the country. Patrick Pouyanne, the President and CEO of TotalEnergies, confirmed the company’s interest during a recent meeting with Gbenga Komolafe, the Chief Executive of the Nigerian Upstream Petroleum Regulatory Commission (NUPRC). The meeting, held at the NUPRC headquarters in Abuja, focused on TotalEnergies’ involvement in Nigeria’s ongoing oil bid rounds and discussed various regulatory and investment-related aspects.
This announcement marks a shift from TotalEnergies’ recent preference for investments in Angola, where it had previously committed $6 billion, citing Angola’s stable policies. Pouyanne had previously highlighted Nigeria’s frequent policy shifts as a deterrent for long-term investments. However, in this recent meeting, he noted TotalEnergies’ renewed interest, pointing out that the company has registered for Nigeria’s current bid round, aiming to strengthen its role in Nigeria’s upstream petroleum industry.
The NUPRC emphasized its commitment to fostering a favorable business environment, driven by the Petroleum Industry Act. Komolafe underscored that the NUPRC is developing new regulations to streamline operations, promote foreign investments, and simplify business processes. This regulatory reform is aimed at addressing concerns that had previously deterred major investors like TotalEnergies.
Additionally, Pouyanne highlighted TotalEnergies’ interest in Nigeria’s domestic crude oil supply obligations and regulatory requirements for decommissioning and abandonment, aligning with NUPRC’s goals to modernize the country’s upstream sector. He praised the NUPRC for restoring investor confidence, expressing optimism about future investments under the newly structured regulatory environment.
The investment interest from TotalEnergies signals a potential boost for Nigeria’s petroleum sector, reflecting a growing alignment between the NUPRC’s regulatory reforms and the needs of global investors looking for stable, transparent, and efficient frameworks.
This move is expected to open up new avenues for foreign capital in Nigeria, potentially driving growth and development in the country’s oil and gas industry.
Full Story:
TotalEnergies, a global energy giant, is set to make substantial investments in Nigeria’s oil sector, expressing its readiness to spend billions of dollars in the country. Patrick Pouyanne, the President and CEO of TotalEnergies, confirmed the company’s interest during a recent meeting with Gbenga Komolafe, the Chief Executive of the Nigerian Upstream Petroleum Regulatory Commission (NUPRC). The meeting, held at the NUPRC headquarters in Abuja, focused on TotalEnergies’ involvement in Nigeria’s ongoing oil bid rounds and discussed various regulatory and investment-related aspects.
This announcement marks a shift from TotalEnergies’ recent preference for investments in Angola, where it had previously committed $6 billion, citing Angola’s stable policies. Pouyanne had previously highlighted Nigeria’s frequent policy shifts as a deterrent for long-term investments. However, in this recent meeting, he noted TotalEnergies’ renewed interest, pointing out that the company has registered for Nigeria’s current bid round, aiming to strengthen its role in Nigeria’s upstream petroleum industry.
The NUPRC emphasized its commitment to fostering a favorable business environment, driven by the Petroleum Industry Act. Komolafe underscored that the NUPRC is developing new regulations to streamline operations, promote foreign investments, and simplify business processes. This regulatory reform is aimed at addressing concerns that had previously deterred major investors like TotalEnergies.
Additionally, Pouyanne highlighted TotalEnergies’ interest in Nigeria’s domestic crude oil supply obligations and regulatory requirements for decommissioning and abandonment, aligning with NUPRC’s goals to modernize the country’s upstream sector. He praised the NUPRC for restoring investor confidence, expressing optimism about future investments under the newly structured regulatory environment.
The investment interest from TotalEnergies signals a potential boost for Nigeria’s petroleum sector, reflecting a growing alignment between the NUPRC’s regulatory reforms and the needs of global investors looking for stable, transparent, and efficient frameworks.
This move is expected to open up new avenues for foreign capital in Nigeria, potentially driving growth and development in the country’s oil and gas industry.