TotalEnergies CEO has praised NUPRC’s Komolafe for restoring investor confidence, discussing billion-dollar investment and regulatory consent in Nigeria’s oil sector.
The President and Chief Executive Officer of TotalEnergies worldwide, Patrick Pouyanne, has commended the Chief Executive of the Nigerian Upstream Petroleum Regulatory Commission (NUPRC), Gbenga Komolafe, for restoring investors’ confidence in the Nigerian upstream sector.
Pouyanne, who commended the NUPRC boss during a meeting they both held at the Commission’s headquarters in Abuja, also pledged billion dollar investments in Nigeria’s oil and gas sector.
According to a statement in Abuja, by the NUPRC, the meeting focused on key issues surrounding divestment, investment, and regulatory consent.
It added that during the meeting, parties discussed ongoing initiatives related to the Shell Petroleum Development Company Joint Venture (SPDC JV) deal which covered the deal’s current status and its potential implications for future investment opportunities in Nigeria’s upstream petroleum sector.
During the visit, Pouyanne expressed his company’s interest in exploring additional areas of investment in Nigeria, the statement added.
He informed the NUPRC chief executive that the company has registered for the current bid round, signalling its commitment to exploring new opportunities and gaining insight into the NUPRC’s perspective on the process.
These, the statement stated, included the Commission’s approach to contract types and the necessity of partnerships within the bidding framework.
Other areas of interest for TotalEnergies, it said, also included Nigeria’s domestic crude oil supply obligations, with the aim of strengthening operational efficiencies and aligning with mutual objectives between the company and NUPRC.
Pouyanne also noted his company’s interest in the regulatory aspects of decommissioning and abandonment, crucial components, as Nigeria seeks to modernise its upstream petroleum landscape.
In his remarks, Komolafe highlighted the NUPRC’s commitment to fostering a favourable business environment in the upstream oil sector.
He emphasised that as an enabler of business under the Petroleum Industry Act (PIA), the NUPRC was developing new regulations designed to streamline operations, encourage foreign investments, and simplify business processes in Nigeria’s petroleum sector.
The NUPRC recently moved to accelerate oil and gas production in the country, as years of underinvestment have continued to negatively impact Nigeria’s ability to harness the country’s hydrocarbon resources.
Among other achievements, it has successfully overseen the multi-billion dollars deals between Seplat and Mobil Producing Nigeria Unlimited (MPNU), the 10 per cent Sale and Purchase Agreement (SPA) between TotalEnergies and Chappal in the SPDC JV, as well as the transaction between Nigerian Agip Petroleum Company (NAOC) and Oando Plc.
