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Nigeria: Total invests $10bn in 5 years

By Udeme Akpan

TOTAL has invested $10 billion in order to boost investment in Nigeria’s oil and gas industry.

Mr. Ahmadu-Kida Musa, Deputy Managing Director, Deepwater District, Total E&P Nigeria Ltd said at the just concluded conference of the National Association of Energy Correspondents, NAEC, in Lagos that, “TOTAL upstream branch plays a significant economic and social role in Nigeria, operating nearly 15% of the country’s production. Nigeria, as one of our core areas of activities, is also crucial to the TOTAL GROUP, accounting for 12% of its equity production. In the last five years, TOTAL has invested approximately $10 billion in the country.

“Despite the challenging operating environment, TOTAL is committed to investing in the country. We, therefore, believe that when Nigeria prospers, TOTAL also prospers.”

Nigerian flag
Nigerian flag

Mr. Musa who stressed the importance of the nation’s Petroleum Industry Bill, PIB, said that dialogue could be used to tackle outstanding issues.

He said, “As you already know, the Petroleum Industry Governance Bill (PIGB) was passed by the National Assembly last month and is currently awaiting assent by President Muhammadu Buhari. The PIGB is the first in a series of four proposed bills that constitute the legal framework for the Petroleum sector reform of the Federal Government.

“The three other bills that are currently undergoing various legislative processes at the National Assembly include, the Petroleum Industry Administration Bill (PIAB), Petroleum Industry Fiscal Bill (PIFB) and Petroleum Host Community Bill (PHCB).

“As it is usually the case with new legislation, especially one as fundamental as this, there are bound to be some initial concerns. But we believe that these concerns can be easily addressed through dialogue and legislative public hearings. Our thoughts and concerns on the PIGB and the rest of the proposed bills have been articulated by our umbrella organisation, the Oil Producers Trade Section (OPTS) of the Lagos State Chamber of Commerce and Industry.”

He stated, “The Management of TOTAL in Nigeria and the Energy Industry as a whole appreciates your role in keeping our country’s Energy sector transparent and accountable. We appreciate your association’s commitment and the energy you bring to reporting and analysing the issues that are critical to the success of the energy sector.

“It is a well-known fact that that the relationship between the media and the corporate world is sometimes characterised by a mutual lack of trust. We know also that this shouldn’t be the case as we strongly believe that we are all partners and joint stakeholders in our quest for a better Nigeria.

“We also believe that it is important to step back from time to time, sit down at conferences like this, and have these conversations that foster understanding and appreciation of the wide range of issues that the sector is contending with.

“As a major oil and gas company in Nigeria, TOTAL is proud to be one of the sponsors of this important event. The TOTAL GROUP has been present in Africa for more than 90 years and has been involved in exploration activities in Nigeria for 56 years.

“We have a broad and diversified portfolio in Nigeria, with activities spanning onshore, conventional offshore, deep water and LNG. Indeed, TOTAL is the only integrated International Oil Company with presence throughout the entire value chain of the industry in Nigeria – Downstream, Upstream and Midstream sectors. TOTAL has developed a strong partnership with the Nigerian National Petroleum Corporation (NNPC) and other partners.”

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