By Modupe Gbadeyanka
Managing Director of Total Nigeria, Mr Nicolas Terraz, has disclosed that more than $10 billion has so far been invested in the country’s oil and gas sector.
Speaking last week in Lagos at the 2017 August Conference of Association of Energy Correspondents of Nigeria, the Total chief said more would still be pumped into the sector.
He said his company has firm believe in the Nigerian economy, stressing that this informed the huge investment in the Africa’s most populous nation.
Mr Terraz, during his speech at the conference themed ‘PIGB: Prospects and Challenges to Nigerian Oil and Gas Industry,’ stressed that Total Group has unwavering believe in the future of Nigeria.
He noted that its nearly completed Egina field development is expected to add about 200,000 barrel per day to Nigeria’s oil output next year.
The Total boss disclosed that his firm will work hard to contribute positively the country’s energy sector.
“Total as an international, integrated energy company with presence in more than 130 countries around the world, is always willing to work with host nations for the provision of what we call ‘Better Energy’.
“This in a nutshell means improving the lives of the citizens of our host nations, beyond the provision of clean and affordable energy,” he said.
He expressed optimism that the PIGB will bring relief to the oil and gas sector.
“The oil and gas operating environment in Nigeria had for long been beclouded by regulatory and fiscal uncertainties due to the non-passage of the omnibus Petroleum Industry Bill.
“But with the latest breakthrough, there is bright future for the industry. Total Group welcomes the passage of the PIGB and fervently hopes that no effort will be spared in addressing all regulatory and fiscal hurdles facing the industry, in a holistic manner,” Mr Terraz said at the gathering.
Adedapo Adesanya