President Bola Tinubu, on Monday, promised the international investment community that his administration would preserve Nigeria as a top-level destination for offshore and onshore investments.
“We are committed to removing all cobwebs and anti-investment impediments in the oil and gas industry. We have a clear path that we are committed to pursuing. We are ready to work with you,” President Tinubu told the Group Chairman and CEO of Total Energies Worldwide, Mr. Patrick Pouyanne, at the State House, Abuja.
This was as the Total Chief, revealed plans by the energy giant to invest $6bn in deepwater and gas production opportunities across Nigeria’s oil and gas terrain.
Special Adviser to the President on Media and Publicity, Ajuri Ngelale, revealed this in a statement he signed Monday titled, ‘President Tinubu: Nigeria remains top-level destination for offshore/onshore investments.’
The President commended Total Energies for its years of exploration and investment in Nigeria’s oil and gas sector, citing it as evidence of the company’s commitment and confidence in Nigeria.
He also assured the delegation that his administration was determined to improve the investment climate in Nigeria, emphasizing that the aim of the Petroleum Industry Act is to create a favourable investment and work environment.
He affirmed his administration’s commitment to making the necessary efforts for industrial peace, harmony, and development, saying, “The moment I took over, there was a clear path that we set out to pursue, and we will ensure that Nigeria remains a top-level investment choice in the dynamics of the offshore and onshore sectors.”
He vowed to “review troublesome areas, fiscally and otherwise, to incentivise gas production in the age of transition to cleaner energy.”
“We are ready to make a difference as a government. The good handshake that we have is for partnership and to accelerate and incentivize gas production in pursuit of the energy transition,” he added.
On his part, Pouyanne informed President Tinubu that Nigeria was “very important” for Total Energies, accounting for 8 to 10 percent of the company’s worldwide total production and over 18 percent of its global investment.
“Mr. President, we are ready to invest $6bn in the coming years. We are looking extensively at more deepwater production and gas production opportunities across the terrain.
“We welcome your policies and your personal commitment to ensuring that all required fiscal incentives are provided while security issues are tackled. Everything is here.
“We just need to conclude with the tweaks and changes necessary to unlock the outstanding potential in both oil and gas,” the Total Energies Worldwide Group Chairman stated.
Pouyanne also highlighted the company’s commitment to maintaining its zero-flaring position in Nigeria to both heal the environment and monetize all available gas resources in support of Nigeria’s Energy Transition Plan.