By Emem Idio, Yenagoa 

YENAGOA -TotalEnergies has urged Nigeria to move away from percentages to maximum net retention in the implementation of local content law in the country’s oil and gas industry.

TotalEnergies Executive Director, Mr. Obi Imemba, made the call during a panel discussion on Wednesday at the 2025 Practical Nigerian Content organised by the Nigerian Content Development and Monitoring Board, NCDMB, in Yenagoa with the theme: Securing Investments, Strengthening Local Content and Scaling Production.

Imemba said TotalEnergies has moved on to where it can advance for net value retention for the country insisting that is where ought to be.

NCDMB Executive Secretary, Engr. Felix Ogbe had announced the achievement of 61 per cent local content as the board pursues the attainment of 70 per cent by 2027.

But, Imemba said discussions on local content should centre around where the country ought to be though it is not there yet and is still at a prescriptive level.

His words: “So for me, in this area, what I can advance for or what my company can advance for is net value retention for the country.

“So you need to find a balance where we will, because we started saying it, we said we should move from where we say it has to be 70% or 90% or 100% to start talking about value.

“Which one, what are we going to do to give us the maximum net value retention for Nigeria? And that is the balance?

“That’s where we need to go. I think we are not yet there. Today, we’re still at that prescriptive level.”

On significant achievements of TotalEnergies in the last decade, Imemba said the company has made two major investments including the 200,000 barrels per day Agila FPSO. 

He also mentioned TotalEnergies investments in Ladol Yard in Lagos, Avion Yard in Port Harcourt, FMC Yard in Omni and the Ikike Project as some of its significant achievements.

According to him, TotalEnergies has been the most dynamic company in the oil and gas industry in the past one year.

Imemba said: “We’ve been the most active and dynamic in terms of reshaping our portfolio. So, that is intentional. 

“What we are doing is that we are focusing on consolidating and accelerating investment and development in our operating portfolio.”