FG hails TotalEnergies’ $30b investment in eight years

The Federal Government has commended TotalEnergies EP for investing no less than $30 billion within the last eight years in the economy.

Specifically, the Executive Secretary, Nigerian Content Development and Monitoring Board (NCDMB), Simbi Wabote, charged International Oil Companies (IOCs) to take advantage of the investment opportunities that exist in the nation’s oil and gas sector.

According to him, the federal government is not unaware of the challenges bedevilling the sector but charged the IOCs to devise innovative solutions to turn these challenges to opportunities.

Wabote stated this during TotalEnergies EP 60th anniversary gala in Lagos.

He, however, commended TotalEnergies’ for its investment stride over the years, maintaining that the company has continued to believe in Nigeria despite the harsh operating business environment for businesses.

In his words: “Over $30 billion has been invested in the space of eight years. This is by far more than what any other IOC has invested. There is no basis for comparison. I want to use this opportunity to challenge other IOCs to keep believing in Nigeria as the Federal Government will continue to provide the enabling environment for businesses to thrive.”

Earlier, the Country Chair, TotalEnergies Nigeria, Mike Sangster, said in the 60 years of exploration and production in the country, the company has grown from a modest beginning to be the second-largest oil and gas producing company here.

He added that the partnership between Nigeria and TotalEnergies has been a successful one, but lamented the current state of insecurity in the country, which he said is greatly reducing its onshore production.

“So, we have also had our own fair share of challenges to overcome but what I have seen personally over the past three years is that when our teams, all our teams, put their heads together, there is no problem that cannot be resolved.

“As we look to the future, Nigeria is not insulated from the global economy. As the world moves to combat climate change, we are taking a lot of steps to reduce our carbon footprint in Nigeria, and we are also very interested in developing our renewables business as well.”

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

He said the company would continue to collaborate with the government, its partners and other stakeholders to help further develop the economy of the country while also meeting the socio-economic needs of its teeming citizens and play its leadership role on the continent.

On her part, the Managing Director, Deepwater, Shell Nigeria, Mrs. Eloho Aiboni, said the oil and gas industry is begging for more investment, calling on local and foreign investors to take advantage of the investment space.