The dedication of the Nigerian Upstream Petroleum Regulatory (NUPRC) to fostering a favourable business environment has continued to attract huge investments in the oil and gas industry as TotalEnergies has committed to multi-billion-dollar investments and participation in the next bid round.
During a meeting at the commission’s headquarters in Abuja on Friday, President/Chief Executive Officer of TotalEnergies Worldwide, Mr. Patrick Pouyanne expressed his company’s renewed commitment to Nigeria’s hydrocarbon sector. He attributed this fidelity to the positive strides made by the NUPRC, particularly in establishing new regulations designed to encourage foreign investments.
During the interaction, NUPRC’s Chief Executive, Engr. Gbenga Komolafe assured Pouyanne of the commission’s commitment to fostering a supportive business environment through the development of new regulations aimed at streamlining operations, encouraging foreign investments and simplifying business processes in Nigeria’s petroleum sector.
The two executives discussed significant issues related to divestment, investment and regulatory compliance, along with ongoing initiatives about the Shell Petroleum Development Company Joint Venture (SPDC JV). They reviewed the current status of the deal and its potential implications for future investment opportunities in Nigeria’s upstream petroleum sector.
Pouyanne conveyed TotalEnergies’ interest in exploring additional investment areas. He informed the NUPRC Chief Executive that the company has registered for the current bid round, demonstrating its commitment to seeking new opportunities and understanding the NUPRC’s perspective on the bidding process. This includes the commission’s approach to contract types and the importance of partnerships within the bidding framework.
Additionally, Pouyanne highlighted other areas of interest for TotalEnergies, such as Nigeria’s domestic crude oil supply obligations, with a view to strengthening operational efficiencies and aligning with the mutual objectives between the company and NUPRC.
He also expressed interest in the regulatory aspects of decommissioning and abandonment, a crucial component as Nigeria seeks to modernise its upstream petroleum landscape.
He commended the NUPRC for restoring investors’ confidence in Nigeria’s upstream petroleum sector and reiterated TotalEnergies’ commitment to investing billions of dollars and participating in the 2024 licencing round.
