TotalEnergies eyes major oil investments in Nigeria

TotalEnergies CEO Patrick Pouyanne has announced the company’s plans to invest billions of dollars in Nigeria as it participates in the country’s ongoing oil licensing round.

During a meeting with Gbenga Komolafe, Director General of the Nigerian Upstream Petroleum Regulatory Commission (NUPRC), in Abuja, Pouyanne underscored TotalEnergies’ commitment to exploring fresh investment opportunities within Nigeria’s upstream oil sector.

A statement from the NUPRC highlighted the meeting’s focus on key issues including disinvestment, investment strategies, and regulatory approvals.

Discussions also covered initiatives tied to the joint venture agreement with Shell Petroleum Development Company, evaluating its current status and its potential impact on future investment prospects.

“TotalEnergies has formally registered to participate in the ongoing bidding process, reflecting our commitment to exploring new opportunities and gaining a comprehensive understanding of NUPRC’s perspectives on contract frameworks and partnership approaches,” the statement noted.

Additional areas of interest for TotalEnergies include Nigeria’s crude oil supply obligations.

According to the NUPRC, the aim is to bolster operational efficiency and align with mutual goals between the company and the regulatory commission.

Pouyanne also expressed the company’s interest in regulatory matters related to decommissioning and abandonment—critical considerations as Nigeria works to modernize its upstream oil sector.

“The CEO of TotalEnergies commended the NUPRC for restoring investor confidence in Nigeria’s upstream sector and committed to substantial investments and participation in the 2024 licensing round,” reported Punch on Thursday, citing the commission’s statement.

Komolafe, in turn, reaffirmed the NUPRC’s dedication to fostering a conducive business environment.

He emphasized the commission’s role, under Nigeria’s Petroleum Industry Act, in developing new regulations aimed at streamlining operations, encouraging foreign investment, and simplifying processes within the nation’s oil sector.