TotalEnergies Commitment to Further Investments in Nigeria
TotalEnergies Exploration and Production Nigeria Ltd has reiterated its commitment towards reducing energy poverty in Nigeria.
Delivering an address at the 2022 Nigerian Oil and Gas (NOG) Conference on Monday, the deputy managing director, Deep Water, TotalEnergies Nigeria Abuja, Mr. Victor Bandele, said as the world continues the transition to cleaner sources of energy, it was imperative for the government to show the direction the country should go and intensify collaboration with industry stakeholders.
“The federal government of Nigeria has set a target of providing electricity access to 80% of our population by 2030. It is something that should spur us as an industry to work with the direction of the government.
“We in TotalEnergies are willing to partner with the government to advance these ambitions to make it a reality,” he said.
According to him, TotalEnergies production going into the future will be big on gas in line with current realities. He said that by 2050, the mix would be about 40% of renewable power, 40% gas and liquid production reduced to 20% globally.
“In Nigeria, we believe that we need to push more for gas. We need to stake our focus on gas because it is the transition fuel for Nigeria. So, we are going to put more emphasis on gas development and we are going to do that in very pragmatic and deliberate ways. To achieve these objectives, there should be a responsible approach to possibilities.”
Bandele also allayed fears that the company was reducing production of oil and gas in Nigeria and other parts of the world due to the energy transition.
According to him, in fact, TotalEnergies want to produce more oil and gas in the next five years than what we are producing today. “The only difference is that now there is a level of responsible approach to that which means we focus on value by selecting low costs development that is the most efficient in terms of greenhouse gas emissions.”
Bandele said his company will continue to make significant investments in Nigeria, especially with the Ikike Development Project which would add about 50,000 barrels per day to Nigeria’s oil production.
“In Nigeria, we are present in the upstream, the midstream and the downstream. You cannot get away from us and we cannot get away from you. What it means is that we are fully integrated in Nigeria. As I speak, we produce more than 20% of total oil in Nigeria.
“We are the second highest producer and supplier of gas to the Nigerian population and the Nigerian Liquefied Natural Gas Ltd. We have more than 530 filling stations all across Nigeria and about 30% of them have been installed with solar panels, so they generate their energy through solar power,” he said.