TotalEnergies Invests $3 billion on Renewables Per Annum
By Ndubuisi Micheal Obineme
SAIPEC 2021 – Total Energies, a Broad Energy Company, that produces and markets energies on a global scale: oil and biofuels, natural gas and green gases, renewables, and electricity. Total Energies puts sustainable development in all its dimensions at the heart of its projects and operations to contribute to the well-being of people.
On 19th May 2021, during the IOCs panel discussion at the Sub-Saharan Africa International Petroleum Exhibition and Conference (SAIPEC), Mike Sangster, Managing Director, Total E&P Nigeria Limited, announced that Total Energies is investing $3 billion annually across all its business unit on renewable energy.
Sangster noted that the Group has developed a new business model in growing natural gas and renewables such as solar power, wind power, biofuels.
He said, “We have set a target to become a Net-Zero Company by 2050 and we will continue to grow our substantial renewable business such as solar power, wind power, biofuels.
“We are investing $3 billion annually across our business unit on renewable energy.
“As part of our strategies, we want to be part of the solution. We will also focus on gas especially LNG.
“We are still producing oil as we believe the world will need oil for many years to come.
“At the moment, we produce about 3 million barrels per day between oil and gas. By 2030, we want to grow our production levels to 4 million barrels per day.
“We will increase our gas production during that period to about 2 million barrels.
“Some of the things we do in Nigeria in terms of renewable energy, we sell solar lamps and have sold up to half a million solar lamps across Nigeria.
“We have a very active downstream business in Nigeria with up to 570 service stations and about 75% of the stations are solarised which reduces emission,” he added.
While speaking about the Group’s low carbon emission strategies, Sangster affirmed: “We have developed a strategy to ensure all our new project development is zero flaring and our ultimate target is to get to net-zero on all our operations by 2050.”
According to him, Total Energies has stopped flaring gas at the Ofon Phase 2 project offshore Nigeria since 2014. This is part of the Group’s commitment to reduce gas flaring and increase gas supply.
“The Ofon Phase 2 project received an Excellence Award on Global Gas Flaring Reduction in 2015.
“Another milestone for Total is the Egina project which started in 2018 with zero routine flaring.
“All our new projects development including the Ikike oil field project is designed for zero flaring.
“We have reduced our flaring to 80% over the years and we will continue to improve on that.
“We are also using Drones to check our carbon emissions on our operation.
“We are using advanced technologies such as Artificial Intelligent (AI) to help us analyse our fields and improve efficiency on our production,” he concluded.
Total is Transforming and Becoming TotalEnergies following the resolution from the Ordinary and Extraordinary Shareholders’ Meeting to change the company’s name from Total to TotalEnergies.
TotalEnergies has adopted a new brand identity with the ambition to be a world-class player in the energy transition. This new name and new brand identity embody the course TotalEnergies has resolutely charted for itself: that of a broad energy company committed to producing and providing energies that are ever more affordable, reliable and clean.