Oil giant, Total has commenced name change to TotalEnergies in Nigeria with new focus in gas production in line with its transformation initiative leaning towards cleaner energy.
The company said, emphasis will be along gas development as it targets low carbon emissions, electricity, solar, hydrogen and biomass.
Announcing the official name change in Nigeria, Deputy Managing Director Deep Water operations, Victor Bamidele, said the company will be engaging with the Petroleum Industry Act, PIA, implementation committee, to ensure it align with its new strategies which lay huge emphasis on energy mix.
Bamidele, said the company is considering major investments in the country especially now that the PIA is in place.
He said the company has invested over $10 billion in oil and gas production in the last few years a chunk which was deployed to growing its assets in the country.
Bamidele said TotalEnergies remained committed to enhancing economic growth of Nigeria and was the only company growing its assets while others waited for the enactment of the PIA.
“We produce 600,000 barrels of oil daily from both our onshore, conventional offshore and deepwater assets. By the first quarter of 2022 our Ikike field in the conventional offshore will come on stream adding between 30,000 to 40,000 barrels of crude oil a day” he said.
Bamidele, said the new gas focus will help reduce its flares gas as Ikike field will produce at zero gas flare.
“We want to have operational excellence and also reduce cost of production though the terrain here is still challenging. We need to be resilient in our operations like deepwater and Liquified Natural Gas, and giving priority to cost effective projects” he added.
Speaking further, he said, “We want to grow our LNG and develop renewable gas, (Biogas) accelerate investment in low carbon electricity primarily from renewable, integrate along the relevant chain, production, storage, trading and supply”.
Also speaking Abiodun Afolabi, executive director corporate affairs and services commended the legislature and executive arm of the government for considering some of the submission by major stakeholders to the PIB.
Afolabi, assured of TotalEnergies continuous strong presence in Nigeria.