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President Bola Tinubu has pledged to the international investment community that his administration is dedicated to preserving Nigeria as a top-level destination for both offshore and onshore investments. The commitment was conveyed during a meeting with the Group Chairman and CEO of Total Energies Worldwide, Mr. Patrick Pouyanne, at the State House in Abuja on Monday.
In a statement signed by the Special Adviser to the President on Media and Publicity, Ajuri Ngelale, President Tinubu emphasized the government's determination to eliminate obstacles and anti-investment impediments in the oil and gas industry. He assured the Total Energies delegation of the administration's readiness to collaborate and create a conducive environment for investment.
During the meeting, Mr. Pouyanne unveiled Total Energies' plans to invest $6 billion in deepwater and gas production opportunities across Nigeria's oil and gas sector. President Tinubu commended Total Energies for its longstanding exploration and investment in Nigeria, citing it as a testament to the company's commitment and confidence in the country.
The President underscored his administration's focus on improving the investment climate, noting that the Petroleum Industry Act aims to establish a favorable investment and work environment. He expressed commitment to industrial peace, harmony, and development, stating, "The moment I took over, there was a clear path that we set out to pursue, and we will ensure that Nigeria remains a top-level investment choice in the dynamics of the offshore and onshore sectors."
President Tinubu pledged to review problematic areas, both fiscally and otherwise, to incentivize gas production in line with the transition to cleaner energy. He emphasized the government's willingness to accelerate and incentivize gas production to support the energy transition.
Mr. Pouyanne highlighted the significance of Nigeria for Total Energies, representing 8 to 10 percent of the company's worldwide total production and over 18 percent of its global investment. He announced Total Energies' commitment to invest $6 billion in the coming years, focusing on deepwater and gas production opportunities. Pouyanne applauded President Tinubu's policies and personal commitment to providing fiscal incentives and addressing security concerns.
Additionally, he emphasized Total Energies' commitment to maintaining a zero-flaring position in Nigeria, aiming to heal the environment and monetize all available gas resources in alignment with Nigeria's Energy Transition Plan.
