The exemplary conduct, dedication and commitment of the Nigerian Upstream Petroleum Regulatory (NUPRC) to fostering a favourable business environment in the country has continued to attract huge investment capital into the oil and gas industry.
The latest pledge for support and partnership came from TotalEnergies Worldwide which expressed commitment to multi-billion-dollar investments and full participation in the 2024 oil and gas bid round.
Speaking during a meeting at the Commission’s headquarters in Abuja on Friday, the President/Chief Executive Officer (CEO) of TotalEnergies Worldwide, Patrick Pouyanne, expressed his company’s renewed commitment to the development and growth of Nigeria’s hydrocarbon sector.
Pouyanne attributed the fidelity with Nigeria to the positive strides by the NUPRC, particularly in establishing new regulations designed to promote and encourage foreign investments in the country.
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 licensing round.
During the interaction, the Commission Chief Executive (CCE), Engr. Gbenga Komolafe, assured Mr. 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 divestments, investments 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.
Mr. Pouyanne informed the NUPRC Chief Executive of TotalEnergies’ interest in the current bid round, saying this was a demonstration of its commitment to seek 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.
Also, Mr. 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 expressed interest in the regulatory aspects of decommissioning and abandonment, a crucial component as Nigeria seeks to modernize its upstream petroleum landscape.
