FG applauds TotalEnergies’ $30 million investment over eight years

TotalEnergies EP has been commended by the federal government for investing at least $30 million in the economy over the last eight years.

Simbi Wabote, Executive Secretary of the Nigerian Content Development and Monitoring Board (NCDMB), specifically charged International Oil Companies (IOCs) to seize investment opportunities in the country’s oil and gas sector.

According to him, the federal government is aware of the sector’s challenges, but has charged the IOCs with devising innovative solutions to turn these challenges into opportunities.

Wabote made the remarks at TotalEnergies EP’s 60th anniversary gala in Lagos.

He did, however, commend TotalEnergies for its investment strides over the years, stating that the company has continued to believe in Nigeria despite the harsh business operating environment.

“Over $30 million has been invested in the space of eight years,” he says. This is significantly more than any other IOC has invested. There is no point of comparison. I’d like to take this opportunity to encourage other IOCs to continue to believe in Nigeria, as the Federal Government will continue to create an enabling environment for businesses to thrive.”

Earlier, TotalEnergies Nigeria Country Chair Mike Sangster stated that in the country’s 60 years of exploration and production, the company has grown from a modest beginning to become the second largest oil and gas producing company.

He added that the partnership between Nigeria and TotalEnergies has been fruitful, but lamented the country’s current state of insecurity, which he claims is significantly reducing onshore production.

“So, we’ve had our fair share of challenges to overcome as well, but what I’ve seen personally over the last three years is that when our teams, all of our teams, put their heads together, there is no problem that cannot be solved.”

“As we look ahead, Nigeria is not immune to the global economy.” As the world works to combat climate change, we are taking numerous steps in Nigeria to reduce our carbon footprint, and we are also very interested in developing our renewables business.”

“Indeed, this also emphasizes the need for Nigeria to remain globally competitive in order to continue to attract investment, particularly in gas and LNG, to generate much-needed revenue and meet its people’s developmental and economic needs while financing the energy transition.”

He stated that the company would continue to work with the government, its partners, and other stakeholders to help the country’s economy grow while also meeting the socioeconomic needs of its teeming citizens and playing a leadership role on the continent.

Mrs. Eloho Aiboni, Managing Director, Deepwater, Shell Nigeria, said the oil and gas industry is crying out for more investment, and she encouraged both domestic and foreign investors to take advantage of the opportunity.

Share this post