– Promises billions of USD investment
Oritsegbubemi Omatseyin
Lagos — The President/CEO of TotalEnergies worldwide, Patrick Pouyanne, has visited the Chief Executive Officer of the Nigerian Upstream Petroleum Regulatory Commission, NUPRC, Engr. Gbenga Komolafe, at the Commission’s headquarters in Jabi, Abuja.
The meeting focused on key issues surrounding divestment, investment, and regulatory consent, addressing ongoing initiatives related to the Shell Petroleum Development Company Joint Venture (SPDC JV) deal which covered the deal’s current status and its potential implications for future investment opportunities in Nigeria’s Upstream petroleum sector.
The TotalEnergies President, Mr. Pouyanne expressed his company’s interest in exploring additional areas for investment. He informed Komolafe that TotalEnergies has registered for the current bid round, signaling its commitment to exploring new opportunities and gaining insight into the NUPRC’s perspective on the process. This include the Commission’s approach to contract types and the necessity of partnerships within the bidding framework.
Other areas of interest for TotalEnergies also included Nigeria’s domestic crude oil supply obligations, with the aim of strengthening operational efficiencies and aligning with mutual objectives between the company and NUPRC.
Mr. Pouyanne also noted his company’s interest in the regulatory aspects of decommissioning and abandonment, crucial components as Nigeria seeks to modernise its Upstream Petroleum landscape.
The TotalEnergies CEO commended NUPRC for restoration of investors’ confidence in the Nigerian Upstream Sector and promised Billions of USD investment and participation in the 2024 licensing Round.
Engr. Gbenga Komolafe highlighted the NUPRC’s commitment to fostering a favorable business environment. He emphasized that as an enabler of business under the Petroleum Industry Act (PIA), the NUPRC is developing new regulations designed to streamline operations, encourage foreign investments, and simplify business processes in Nigeria’s petroleum sector.
