TotalEnergies ready to contribute more to Nigeria’s Gas expansion Programme …wins Human Capacity Development award
TotalEnergies EP Nigeria is well positioned to contribute more to Nigeria's gas expansion programme, thanks to the Petroleum Industry Act, the Managing Director Mike Sangster said on Tuesday, November 30 during a panel session at the 2021 Practical Nigerian Content Conference (PNC) in Yenogoa, Bayelsa State.
TotalEnergies also won the PNC Human Capacity Development award at the conference's 10th Anniversary awards night, which was hosted at the Banquet Hall of the Bayelsa State Government House.
The panel session, which was one of the highpoints of the three-day conference, featured executives of International Oil Companies in Nigeria and regulatory agencies discussed the topic: “Growth Levers and Investment Opportunities Arising from Nigeria’s Petroleum Industry Act (PIA)”.
The Company’s position was re-echoed by other IOCs, who also pledged to support the development of Nigeria’s gas resources.
Mr Sangster, represented by Deputy Managing Director, Deep Water Assets, Victor Bandele stated that the changing energy mix would not mean a significant reduction in oil and gas in the next couple of years.
“So everybody is trying to increase gas and TotalEnergies is going to do that also. As Nigeria we should be confident. Oil is still going to be relevant. We need to move into gas because it is a major transition fuel. But everything within Nigeria is still important,” he said.
Mr Sangster said TotalEnergies was committed to the global energy transition and achieving carbon neutrality in its operations by 2050.
He explained that TotalEnergies was one of the first to declare its intention to operate as a multi-energy corporation and to embrace the entire global shift to cleaner energy.
The MD provided insight into how the Company's energy landscape would evolve, stating that by 2030, the share of oil in the company's energy mix would have decreased to 35%, gas would have increased from 40% to 50 percent, and renewable energy would have increased to 15%. He went on to say that by 2050, the Company would be carbon-neutral, with 40% renewable energy; 40% gas, and 20% oil in the mix.
The Group Executive Director, Upstream, Nigerian National Petroleum Corporation (NNPC), Adokiye Tombomieye, represented by Group General Manager, National Petroleum Investment Management Services (NAPIMS), Bala Wunti, expressed optimism that Final Investment Decisions (FIDs) would be taken on some critical projects by 2022.
He said the enactment of the PIA had restored investor confidence in the industry and had repositioned Nigeria to optimise its hydrocarbon resources. He explained that for the FIDs to be achieved, there must be collaboration, effective communication, and compliance in order to be competitive.
Mr Wunti noted that some of the projects which were being executed by the IOCs and the NNPC were suspended for years due to uncertainty in the oil and gas sector.
In his remarks, the Executive Secretary, Nigerian Content Development and Monitoring Board (NCDMB), Simbi Wabote, said the projects attracted by the PIA would create a lot of opportunities for local content in the oil and gas industry.