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16/11/2021 News

TotalEnergies Supports Nigeria’s Net Zero Goal - Sangster

Mike Sangster, Managing Director of TotalEnergies EP Nigeria Limited, has voiced his support and agreement with President Muhammadu Buhari's resolve to work toward the Paris Agreement's goals.

Mr. Sangster stated this at the TotalEnergies-sponsored Management Session held on Monday, November 15, 2021 at the Eko Hotels & Suites in Lagos as part of the 39th Nigerian Association of Petroleum Explorationists, NAPE Annual Conference & Exhibition.

The theme was Petroleum Industry Law: Implication for Oil and Gas Industry and Energy Transition in Nigeria.

“Nigeria may not have much choice and velocity in the energy transition globally, but we have what we have which is the need to position ourselves to take advantage of the transition itself. President Buhari has outlined Nigeria’s path to Net Zero in consonance with those on the Paris agreement. The way the president said it, Nigeria will just not couple under the influence of the other countries. We have to take this in our own stride. On this I fully support my president,” said the MD. He was represented by the Deputy Managing Director, Deep Water Asset, Victor Bandele.

He noted that a lot of work went into the Petroleum Industry Act, or PIA, and that it is still ongoing, with a lot more work to be done. “The fact is the PIA implementation must be accelerated. The window for investments into fossil fuels is narrowing. Very few years would remain for access to urgent funds to develop the Nigerian petroleum industry. This will launch it into that era of energy transition and prosperity that the world envisions.”

“The PIA is invariably the most significant legislation to impact the oil and gas landscape due to its ramifications on the industry and country at large.” The MD reinforced TotalEnergies response to the global climate challenge and the growing demand for more affordable, more accessible, and cleaner energy.

The Managing Partner ENR Advisory, Gbite Adeniji; Partner Tax, Ernst & Young Consulting, Temitope Samagbeyi; Partner, Transaction Advisory Services, Ernst & Young Consulting, John Uwajumogu and Investment Manager, All On Partnership for Energy Access, Afolabi Akinrogunde delivered four Papers at the management session examining different aspects of the theme.

The discussion, moderated by Osten Olorunsola, covered a wide range of topics, including the current state of the Nigerian petroleum sector, multinationals' exit, the need for more incentives to attract investment, the need for a thorough and sincere implementation of the PIA, managing energy disruptions, and the need to keep the global carbon footprint in check.

Earlier in her welcome remarks, NAPE President Mrs. Patricia Ochogbu thanked TotalEnergies for their support of the NAPE Conference throughout the years, particularly the Management session, which is one of the conference's highlights.

Company management and staff participated in the session.