*$30bn spent in Nigeria
- Lagos — French oil and gas giant, Total has disclosed that a total of $160 billion was spent on deep water oil exploration in Africa over the last 10 years.
Of this amount, less than $30 billion, about 16 percent was invested in Nigeria.
Mr Mike Sangster, Managing Director, Total E&P Nigeria Limited made the disclosure on Wednesday during a panel session at the ongoing Fourth Sub Saharan Africa International Petroleum Exhibition and Conference, SAIPEC in Lagos.
To buttress his point he disclosed that in 2019, according to WoodMac data, the Eagle Ford field in Texas received more investment than all of Nigeria
According to him, a progressive Petroleum Governance Industry Bill, PGIB can be the catalyst needed to drive investment in Nigeria’s oil and gas industry.
The review of the PIB is at an advanced stage and full passage of the bill is expected mid-2020.
“I believe that a progressive PIB is the way to go because it will create jobs and encourage more investors to come into the industry.
“It will create a win-win situation for both government and investors, ” he said.
Sangster said Total wanted to continue to be the leader in the African oil and gas space, adding that the company has had encouraging discussions with the Nigerian National Petroleum Corporation, NNPC and is ready to assist the country in achieving its target of producing three million barrels per day.
On his part, Mr Bank-Anthony Okoroafor, Chairman, Petroleum Technology Association of Nigeria, PETAN, said there was need to create an enabling environment for private sector investment in the industry.
“Government across Africa, especially the oil and gas producing countries, should provide necessary incentive to attract private sector investment across the entire value chain.
“This will indeed trigger a massive economic revolution, ” Okoroafor said.