The Federal Government of Nigeria (FGN) has commended Total Energies EP for investing not less than $30 billion within the last eight years in the country’s economy.
Specifically, the Executive Secretary, Nigerian Content Development and Monitoring Board (NCDMB), Simbi Wabote charged International Oil Companies (IOCs) to take advantage of the investment opportunities that exist in the nation’s oil and gas sector.
According to him, the FGN was not unaware of the challenges bedeviling the sector but charged the IOCs to devise innovative solutions to turn these barriers to opportunities.
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Wabote stated this during the Total Energies EP 60th anniversary gala in Lagos State on 19th May 2022.
He, however, commended Total Energies for its investment stride over the years, maintaining that the company had relentlessly continued to believe in Nigeria despite the harsh operating business environment for businesses.
In his words: “Over $30 billion has been invested in the space of eight years. This is by far more than what any other IOC has invested. There is no basis for comparison. I want to use this opportunity to challenge other IOCs to keep believing in Nigeria as the Federal Government will continue to provide the enabling environment for businesses to thrive.”
Earlier, the Country Chair, Total Energies Nigeria, Mike Sangster boasted that in the 60 years of exploration and production in the country, the company had grown from a modest beginning to be the second-largest oil and gas producing company in the country.
He added that the partnership between Nigeria and Total Energies had been a successful one, but lamented the current state of insecurity in the country, which he said was greatly reducing its onshore production.
“So, we have also had our own fair share of challenges to overcome but what I have seen personally over the past three years is that when our teams, all our teams, put their heads together, there is no problem that cannot be resolved.
“As we look to the future, Nigeria is not insulated from the global economy. As the world moves to combat climate change, we are taking a lot of steps to reduce our carbon footprint in Nigeria, and we are also very interested in developing our renewables business as well.”
“Indeed, this also emphasizes the need for Nigeria to remain globally competitive to continue to attract investment, especially in gas and LNG, to derive the much-needed revenue, and meet the developmental and economic needs of its people, while financing the energy transition.”
He said the company would continue to collaborate with the government, its partners and other stakeholders to help further develop the economy of the country while also meeting the socio-economic needs of its teeming citizens and play its leadership role on the African continent.
On her part, the Managing Director of the Deepwater Shell Nigeria, Mrs. Eloho Aiboni, disclosed that the oil and gas industry in Nigeria was begging for more investment, therefore called on local and foreign investors to take advantage of the investment space in the country.
Taking into cognizance the compelling need to revisit Nigeria’s oil and gas sector towards ensuring a better enabling environment for the country’s economic growth, the concerned authorities herein are enjoined to step up actions in a bid to do the needful.
This can only be possible by creating as well as maintaining wholesome policies in the said sector. So, as the government applauds the Total Energies, it should hesitate to live up to the expectations.