01 August 2012, Sweetcrude, LAGOS – TOTAL, the French oil giant, says it has, in the last five years, invested about $10 billion (N160 billion) in its Nigerian operations.
Also, the company would be increasing its output by about 350,000 barrels per day, b/d, in the next three years with production from its Akpo and Usan projects, Guy Maurice, Managing Director and Chief Executive Officer, Total Upstream Companies in Nigeria, said.
He said of his company’s operations in Nigeria, “There is a future. After 50 years, there is probably another 50 years to celebrate.”
“In the last five years, Total has invested about $10 billion (N160 billion) and we have plans to continue to do so in the years ahead…With Akpo and Usan, within three years, we would have added 350,000 barrels a day capacity to Nigeria’s oil production. This is an addition of 15 per cent to the country’s production which is very important,” Maurice further said.
With this, according to him, Total would be “contributing significantly to the development of Nigeria’s national capacity, and this is not too difficult to see because when you add $10 billion to the economy, it has a lot of impact in terms of national employment, development of capacity and capacity building in general.”
He also disclosed that Total has completed a re-organisation in Nigeria in readiness for future challenges that include the development of new projects like Egina; completion of development of new projects such as OML58 upgrade and Ofon phase II.
Maurice spoke further on the future challenges: “It will not be correct to say there are no challenges. Nigeria is a vibrant and challenging environment.
“We know that there are challenges in terms of security and all our employees know that we are from time to time facing cases of abduction.
“For example, we have to ensure maximum security for staff and it is a real challenge.
“The second is the transition that has been the consequence of the Nigerian Content Act. We have to be active in the development of the national capacity. Before it was voluntary, now law guides it.
“We now have to adapt our capacity, our professionalism and manage our projects in other to comply with the law.
“So, there are lots of challenges, but as I have said, it is this capacity to manage challenges that makes one of the big differences between us and our competitors.”
