19 August 2017, Sweetcrude, Lagos — Total Nigeria Limited has said that the oil and gas operating environment in Nigeria had for long been be beclouded by regulatory and fiscal uncertainties due to the non-passage of the Petroleum Industry Governance Bill (PIGB).
According to the company’s Managing Director cum Chief Executive, Nicolas Terraz who spoke at the just held yearly National Association of Energy Correspondents (NAEC) conference in Lagos, non-passage of the bill has resulted in a loss of investments as investors who dread uncertainty, diverted their funds to more friendly climes.
Terraz said the company with presence in over 130 countries around the world, said the company is willing to work with host countries for the provision of “better energy” which in he explained to mean, improving the lives of citizens of its host nations.
“I would like to state that Total Group has unflinching faith in the future of Nigeria. The company is present along the value chain from upstream to the downstream sector where Total is a leader with close to 550 service stations across the length and breadth of Nigeria.”
He said in the last 5 years, Total has invested about $10 billion in the Nigerian oil and gas sector.
“With expertise and strong position in the onshore, offshore and deep offshore, our Egina field development which is nearly completed, is expected to add 200 kb/d to Nigeria’s output when it comes on stream in 2018.”, he said.
This year’s NAEC conference had the theme: ” PIGB : Prospects and Challenges to Nigerian Oil and Gas Industry.