Total ready to invest in new Nigerian oil fields – CEO

Oil major Total Group has expressed its resolve to invest in new oil fields in Nigeria if fresh licence is granted the company. The company has also restated its commitment to the long term development of Nigeria’s oil and gas industry and the improvement of the lives of Nigerians through the provision of clean, affordable energy.

Total’s chairman and CEO, Patrick Pouyanne made the disclosure during a courtesy visit to Vice President Yemi Osinbajo, on Tuesday in Abuja. Pouyanne used the opportunity to congratulate the President and the VP for their recent victory at the polls. While reviewing the Total Group’s 60-year sojourn in Nigeria, Pouyanne expressed delight at the recent launch of the Egina field which at peak will add 200,000 barrels of oil per day to Nigeria’s production apart from the Nigerian content landmarks which have become a game changer in Nigeria’s oil and gas industry.

The CEO further stated that “Nigeria is important to the Total Group as the country now represents about 10 per cent  of the Group’s global production. Nigeria has a lot of prolific oil fields and Total would gladly carry out exploration activities if the government grants the licence”. Commenting on a sustainable solution to Nigeria’s electricity challenges, the CEO, identified solar technology as “a cheap way to provide electricity”, while expressing the company’s readiness to work with Nigeria in the area of renewal energy especially solar in addressing the country’s electricity needs.

In concluding his remarks the CEO noted that after Egina, Total is launching two other projects-Ikike and Prowei. He declared: “Total is actively involved in the expansion of NLNG capacity through the Train 7+ project for which a Final Investment Decision is planned in 2019. Total has done a lot in Nigeria and is ready to do more.”

In his response, Prof. Osinbajo thanked Total for its demonstrated commitment to the development of Nigeria’s oil and gas industry. He was particularly delighted at Total’s Nigerian content feat with the Egina FPSO; and implored Total and its other partners to quickly bring the NLNG train 7 into operation.

He also said that “the supply of gas to the domestic market is important to government. We are pleased with Total for its initiatives in the area of renewable energy and would want Total to take some pioneering steps in helping meet the energy needs of the teeming population. Nigeria considers Total a strategic partner. We would like the relationship to continue.”

In an earlier response, Minister of State for Petroleum, Ibe Kachikwu, commended Total for Egina which he said “renewed hope in the oil and gas industry” and promised to work with the office of the VP in order to address concerns regarding exploration. Dr. Kachikwu entreated Total to “explore the need for siting a refinery in Nigeria as a way of consolidating its foothold on the downstream sector where it is a dominant player.


Source: Leadership



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