In a meeting with the Group Chairman and CEO of Total Energies Worldwide, Mr. Patrick Pouyanne, at the State House in Abuja on Monday, President Bola Tinubu affirmed his commitment to position Nigeria as a premier destination for both offshore and onshore investments. The President assured the international investment community that his administration would address fiscal challenges and other concerns to incentivize gas production in the transition to cleaner energy.
President Tinubu stated, “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 expressed readiness to make a difference through partnership to accelerate and incentivize gas production in alignment with the global energy transition.
The President underscored the federal government’s dedication to eliminating obstacles to investment in the oil and gas industry, saying, “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.”
Commending Total Energies for its longstanding exploration and investment in Nigeria’s oil and gas sector, President Tinubu lauded the company’s commitment and confidence in the country. He assured the delegation that his administration aimed to enhance the investment climate, emphasizing that the Petroleum Industry Act (PIA) sought to create a favorable investment and work environment.
President Tinubu affirmed the government’s commitment to industrial peace, harmony, and development. He stated, “We are determined to make the necessary efforts for industrial peace, harmony, and development.”
In his address, Total Energies Worldwide CEO Patrick Pouyanne conveyed the significance of Nigeria to the company, accounting for 8 to 10 percent of its worldwide total production and over 18 percent of its global investment. Pouyanne announced the company’s readiness to invest $6 billion in the coming years, focusing on deepwater and gas production opportunities. He welcomed President Tinubu’s policies and commitment to providing fiscal incentives while addressing security issues to unlock the vast potential in Nigeria’s oil and gas sector. Pouyanne also emphasized Total Energies’ commitment to maintaining a zero-flaring position to support Nigeria’s Energy Transition Plan.