After shunning Nigeria for Angola, Oil giant announces big investment in Nigerian oil industry

• The CEO of TotalEnergies said the institution is acceptable to put billions of dollars successful Nigeria
• This is coming a fewer months aft the CEO said helium had snubbed Nigeria to put $6bn successful Angola
• According to the NUPRC, different areas of involvement for TotalEnergies see Nigeria’s home crude lipid proviso obligations

Legit.ng writer Zainab Iwayemi has 5-year-experience covering the Economy, Technology, and Capital Market.

Patrick Pouyanne, the president and main enforcement serviceman of TotalEnergies global, says the institution is prepared to enactment successful the existent lipid bid circular successful Nigeria and put billions of dollars there.

According to reports, the CEO of TotalEnergies stated that his enactment is funny successful looking into different concern prospects successful Nigeria. Photo Credit: Cntributor
Source: UGC

This was precocious said by Pouyanne during a sojourn to Gbenga Komolafe, the Chief Executive of the Nigerian Upstream Petroleum Regulatory Commission, astatine the commission's office successful Jabi, Abuja.

A fewer months prior, The Punch reported that the CEO claimed that helium had chosen to put $6 cardinal successful Angola implicit Nigeria.

According to a connection from the NUPRC, the gathering addressed ongoing initiatives related to the Shell Petroleum Development Company Joint Venture deal, including its existent presumption and imaginable implications for aboriginal concern opportunities successful Nigeria's upstream petroleum sector. It besides focused connected cardinal issues surrounding divestment, investment, and regulatory consent.

The TotalEnergies brag was said to person expressed his company’s involvement successful exploring further concern opportunities successful Nigeria.

“He informed the CCE that TotalEnergies has registered for the existent bid round, signalling its committedness to exploring caller opportunities and gaining penetration into the NUPRC’s position connected the process. These see the commission’s attack to declaration types and the necessity of partnerships wrong the bidding framework,“ the connection noted.

Nigeria's home crude lipid proviso requirements are among the different areas of involvement for TotalEnergies, according to the NUPRC. The extremity is to amended operational effectiveness and lucifer the company's and NUPRC's shared goals.

“Mr Pouyanne besides noted his company’s involvement successful the regulatory aspects of decommissioning and abandonment, important components arsenic Nigeria seeks to modernise its upstream petroleum landscape.“The TotalEnergies CEO besides commended NUPRC for the restoration of investors’ assurance successful the Nigerian upstream assemblage and promised billions of USD concern and information successful the 2024 licensing round,“ the committee added.

Komolafe emphasized the NUPRC's dedication to creating a welcoming concern climate.

He emphasized that the NUPRC is creating caller rules to simplify concern procedures, beforehand overseas investments, and streamline operations successful Nigeria's petroleum assemblage as a facilitator of concern nether the Petroleum Industry Act.

Why Angola implicit Nigeria

Pouyanne informed Aliko Dangote, the president of the Dangote Group, successful May that the institution was choosing to put $6 cardinal successful vigor projects successful Angola alternatively than Nigeria, mostly owed to inconsistent policymaking successful Nigeria.

Pouyanne stated astatine the Africa CEO sheet successful Kigali, Rwanda, that though the Niger Delta is the astir producing portion successful West Africa, the unstable argumentation situation has made investments unsustainable. The concern has not explored for lipid successful the portion for 12 years.

“Nigeria loves to unfastened topics without closing them. You emotion to debate. There is ever a caller legislature successful Nigeria astir a caller petroleum law. When you person specified imperishable debates, it’s hard for investors looking for semipermanent operation to cognize what absorption to go.“In reality, the Niger Delta is the astir prolific portion of West Africa. But if you look astatine what happened, due to the fact that of these debates, determination has not been a azygous exploration successful Nigeria for 12 years. It’s important to person a statement and past settee it and enactment a model connected the array that investors tin trust.“We person countries that person perfectly integrated policies similar Angola. So, we went to Angola and announced a precise ample $6bn task astatine the opening of the week (in May) due to the fact that their model is stable. So we cognize wherever we go,” the TotalEnergies brag said 5 months ago.

New Price List Emerges successful Lagos, Abuja, Others 2

Legit.ng reported that owed to the implicit deregulation of the lipid industry, Nigerians present acquisition petrol at historically precocious costs, with pricing differing betwixt cities and filling stations.

The country's cost-of-living situation has been attributed chiefly to the rising terms of gasoline.

In summation to the terms increases, the implicit deregulation besides means that prices disagree betwixt cities and adjacent depending connected who owns the state stations.

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Source: Legit.ng