TotalEnergies Reiterates Confidence in Nigeria Oil and Gas Industry, Lists Conditions to Remain in Business
The French oil giant, TotalEnergies has once again assured and reiterated it’s plan to remain and do business in Nigeria despite the perceived intentions that the French company may follow the Royal Dutch multi-national firm, Shell to pull out it’s onshore investments in the country.
However, TotalEnergies gave three major factors that will keep them in business in Nigeria. The oil firm insisted that the cost of oil production in Nigeria must not exceed $10 per barrel or must remain below $10 per barrel. The company listed also good environment as second factor; which industry stakeholders say to include security of assets and human capital.
Total maintained that it will remain in Nigeria as long as it’s new dream of Energy Transition is encouraged. In other words that it’s foot print of carbon emissions reduction must be encouraged.
The TotalEnergies in Nigeria Deputy Managing Director, Deepwater District, Mr, Victor Bandele told Journalists in a media chat today in Lagos that his company will remain in Nigeria to produce more of gas in order to reduce gas flaring in the country. According to Bandele, TotalEnergies rank second in Nigeria in the production of crude oil of about 600,000 barrels per day and intend to reduce gas flaring to the minimum by the year 2030 as it invest more in Nigeria.
Explaining the company’s Carbon Credit project, Dr. Charles Ebereonwu, Country Communication Manager at TotalEnergies said that Carbon credit is a permit that allows the company that holds it to emit a certain amount of carbon dioxide or other greenhouse gases.
He pointed out that it was through TotalEnergies carbon credit project that made Nigeria to earn about €1 million. “Two major ways is either you use your positive carbon credit position to offset your negative position in other businesses to create a carbon neutrality or you can monitise it for someone in negative position” Ebereonwu explained.
Bandele exclaimed that it is remarkable what TotalEnergies has been able to do in Nigeria in the last 10 years. For instance the company has invested over $10 billion in Nigeria in the last 10 years and is ranking second in crude production in Nigeria.. The company has also reduced gas flare and intend to remove 45 percent flare level by 2025.
