Total invests over $2bn in Nigeria yearly

01 March 2013, Sweetcrude, Lagos – Managing Director of Total Nigeria, Guy Maurice, says the company invests over $2 billion in oil and gas exploration and production in Nigeria every year.

Maurice disclosed this at the recent 13th Nigeria Oil and Gas conference in Abuja, where he was represented by Deputy Managing Director, Charles Ngoka, saying the huge investment has grown the company’s crude oil output to 500,000 barrels per day (bpd) with prospects for future growth.

He said Nigeria, as Africa’s biggest oil and gas producer, was now facing stiff competition as Africa’s oil and gas industry, which was hitherto passive, had suddenly become competitive.

Stressing the need for a stable operating environment in the country, the Total boss stated that this was necessary to shore up activities in the oiland gas sector.

He maintained that a stable fiscal environment was required for international oil companies (IOCs) operating in the country commit to long-term investment.

“There are now lots of competition in Africa, Nigeria used to be the only oil giant in Africa but now this has changed.

“Therefore, a stable fiscal environment would be needed to enable long term decision making, the industry will react once everything is set in place; I am confident the industry will definitely react to a stable environment,” he said.

Maurice stressed his company’s confidence in Nigeria as well as its keenness to stay on for a very long time, adding that Total’s 50 years-old operation in Nigeria reflects its interests in the country.

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