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30/11/2016 News

Total Sees Growth Opportunities in Nigeria’s Oil and Gas Industry

Total has taken the platform of the 34th Annual International Conference and Exhibition of Nigerian Association of Petroleum Explorationists (NAPE) held at the Eko Hotel, Victoria Island, Lagos to restate its faith and commitment to the long term future of Nigeria’s oil and gas industry. Speaking at the first Management session of the conference, the Managing Director of the upstream companies of Total in Nigeria, Mr Nicolas Terraz was upbeat about opportunities that Nigeria could harness for the oil and gas industry, affirming that Total was looking to take advantage of future growth opportunities without compromising safety and environmental standards.

"It is very important that Nigeria comes out of this recession even more robust as it is an opportunity for the industry to rejuvenate," Mr Terraz said as he delivered the lead paper titled, "Upstream Business Environment in a Recession Economy: the Nigerian Example," on Wednesday, November 16, 2016.

He gave insight into how Total had thrived in the Nigerian environment since the 60s.His incisive suggestions resonated with other speakers and panelists who constantly referenced his paper. Moderator of the session, Dr Osten Olorunsola lauded the paper, and recommended Total's model saying, "Mr. Terraz has stressed the need to focus on not the oil price but what we can control such as cost discipline and operational efficiency."

Examining the current reality, Mr Terraz said: "The environment requires us to adapt and reduce cost without compromising safety while preparing for a future of growth or expansion." He explained that while the impact of the low oil price was not peculiar to only Nigeria, the country was particularly affected because a large part of its revenue came from the hydrocarbon sector. In addition, Nigeria had experienced a reduction in production volumes due to security issues, he noted.

Other papers discussed during the session include "Impact of Digital Data Technology"; "Financing Options in a Recession"; and Necessary Changes in the Way We Work Post - recession.

Total received the Titanium award as one of the key sponsors of the event and for the several contributions of its staff to the success of the event and the Association.

The conference with the theme: The Nigerian Oil and Gas Industry; Tackling our Realities, attracted delegates from all over the world and government officials from the state and federal levels.