Total Exploration and Production, E&P, has made an investment valued at US$10 billion in the country from 2013 to date.
The oil giant said that it had also taken steps to drive down green-house gas emissions; pursuing a zero-flare principle on all new projects as is evident with EGINA, OML58 upgrade, OFON field and others.
Managing Director, Total E&P Nigeria Limited, Mike Sangster, made this known recently, at the virtual Conference and Exhibition of the Nigerian Association of Petroleum Explorationist (NAPE).
He disclosed further that Nigeria had benefitted from less than five per cent of all investments in oil and gas in Africa between 2015 and 2019 despite having the largest reserves.
“That is to say that, the USD 3bn invested in Nigerian projects which took Final Investment Decision (FID) between 2015 and 2019 represents 5% of all oil and gas funds invested in Africa”, he said.
He added that no major investment decision was taken in Deepwater Nigeria between 2015 and 2019, despite a number of available potentially viable projects.
The Total boss assured that the company would continue to invest in Nigeria and also contribute constructively to the ongoing debate on the Petroleum Industry Bill, saying ”a progressive, win-win PIB will no doubt be the catalyst needed for a new wave of hydrocarbon exploration and development investment in Nigeria”.
He stressed the need for Nigeria to plan and exist with the current reality of low prices and optimise its opportunities and strengths in the area of technology, diversification and pursuit of new energies.
Worried about the insecurity of pipeline facilities in the country, Sangster called on the governments at all levels to provide the needed security for all oil installations as well as reduce incidence of oil theft.
“One of the main challenges facing oil and gas companies’ operations is that of pipeline vandalism and oil theft with estimated large volumes of oil stolen in the oil-producing areas across the country”, he noted.
The Total Managing Director also assured that the company would always partner with NAPE towards the economic development of the country.
“Over the years, NAPE has made high quality contributions from the annual conferences which have positively impacted our oil & gas industry as well as the Nigerian economy. The theme of this management session: “Future of Oil and Gas Industry in Low Oil Price Environment: Survival Strategies”- cannot be more appropriate, especially in the current global situation.
“With the help of technology, the world is now able to access oil from domains previously unimaginable. The result is an abundance of oil and gas resources around the world. The challenge now is how to deploy technology to drive down costs in order to remain competitive.
“Although we are all in business for profit, a situation that makes competition inevitable, for better cost efficiency, we need to explore ways of collaboration as partners with the same ultimate goal, to share projects and associated costs that would ordinarily overwhelm an individual player. These could be envisaged in areas such as rig clubs, seismic vessels sharing, just to mention a few. An enabling policy is inevitable for success in this regard”, he said.