Sangster Outlines TotalEnergies’ ‘low cost, low emissions’ strategy at Aret Adams Lecture
… Minister of State for Environment Calls for Carbon Capture
The company’s strategy of reinventing itself to remain competitive in the energy transition and achieving net zero greenhouse gas emissions by 2050 was the focus of the message delivered by the Country Chair/Managing Director, TotalEnergies EP Nigeria Limited, Mike Sangster, as a discussant at the 19th Annual Aret Adams Memorial Lecture Series going 2022.
The lecture with the theme: Global Energy Transition Agenda: Nigeria’s Preparedness? was held on Tuesday, February 22, 2022, at the MUSON Centre, Onikan, Lagos.
Mr. Sangster reaffirmed the Company’s ambition to produce more energy but with less emissions, pointing out that the strategy was to increase its investments in gas and renewables. “We don’t believe the oil business is dead or it’s to die anytime soon but we need to be clear that we will focus our investments on oil in low-cost and low-emission projects.”
He informed participants that TotalEnergies is decarbonizing its portfolio and went ahead to provide detailed updates on the Company’s decarbonization efforts on its operated sites.
“Egina field was developed with zero flaring,” he said. “We have eliminated flaring on most of our other sites. There is only one site left and our target is to eliminate routine flaring on OML 100, so we plan to have zero routine flaring on all our sites. We are close to reaching our target of reducing our carbon footprints and methane emissions.”
This was earlier reinforced by the Minister of State for Environment, Mrs. Sharon Ikeazor in her lecture where she stated that Carbon capture, utilization and storage is a catalyst for Nigeria to meet its target of net zero by 2060.
“Realising our net zero target will be reliant on carbon capture and storage as a technology for mitigating the effect of greenhouse gas emissions. The International Finance Corporation and the World Bank are already in talks with government to develop a domestic market for carbon capture, utilization and storage for industrial emissions and this will help us accelerate our energy transition.”
She further gave a brief of the country’s participation at COP26 in Glasgow in 2021 and what Nigerians should expect.
“Government’s net zero commitment by 2060 was announced at COP26. We joined 137 countries to make a net zero pledge, we are one of the 100 countries that pledged to reduce global methane emissions by at least 30% from 2020 levels to 2030 and we signed among 141 countries the Glasgow leaders pledge declaration on forests and land use pledging to conserve and restore forests over the next decade.”
“We have taken one of the most significant steps to advance the energy transition agenda by Mr. President signing the Climate Change Bill into law. Hopefully by the end of first quarter (this year), we will commence the implementation of the act with the inauguration of the National council on Climate Change.”
She further gave key highlights from the Energy Transition Plan, which was recently approved by the Federal Executive Council.
Earlier in his welcome address, the Chairman Board of Trustees, Aret Adams Foundation, Charles Osezua said the rationale for the theme of the lecture was based on the resolution of the United Nations on COP26 and the rolling out of the Paris accord and how it would affect Nigeria.
Executive Director, Strategy Business & Asset Management, Abiodun Afolabi; Country Communications Manager, Dr. Charles Ebereonwu and Head, Public Relations, Mrs. Irene Jerry-Iyoha were among company representatives at the lecture.