Opeoluwani Akintayo 23 August 2017, Sweetcrude, Lagos – Managing Director and Chief Executive Officer of Total Nigeria, Mr. Nicolas Terraz, says the non-passage of the Petroleum Industry Bill, PIB, has resulted in loss of investment by Nigeria as investors who dread uncertainty, are diverting funds to more-friendly climes.
Nigeria’s Senate recently passed an aspect of the PIB christened the Petroleum Industry Governance Bill, PIGB, which, however, awaits concurrence by the lower House of Representatives.
Terraz, who spoke at the recent yearly National Association of Energy Correspondents, NAEC, conference in Lagos, said the company with presence in over 130 countries around the world, is willing to work with host countries in improving the lives of citizens of the 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 breath of Nigeria,”
he said, adding that in the last five 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 200,000 barrels per day of crude oil to Nigeria’s output when it comes on stream in 2018″, he stated.
