TotalEnergies not planning to leave Nigeria, says firm’s exec

Ben Eguzozie, in Port Harcourt

TotalEnergies, French global energy company, with more than half a century petroleum business operations in Nigeria, says it is not thinking of leaving the country anytime soon, amid the exit of some other IOCs from the country.

“We’re here for the long haul, even though some IOCs are exiting Nigeria, that is not in our plan.  Our focus henceforth is on sustainability; and our sustainability programme is anchored on four pillars, which are: climate and sustainable energy, care for the environment, creating shared values for communities and people’s wellbeing,” Obi Imemba, executive director, Joint Venture Assets, TotalEnergies Nigeria Limited, said in Port Harcourt while leading a delegation of the company to the Niger Delta Development Commission (NDDC).

A joint venture deal between TotalEnergies and NDDC is on to undertake renewable energy investment in Nigeria’s oil region.

Imemba said TotalEnergies has made important investments in the renewable energy sector, and implemented several initiatives that were already impacting the Nigerian energy landscape positively.

“In recent years, our projects have been targeted at driving down our green-house gas (GHG) emissions; and pursuing a zero-flare principle on all our new projects,” Imemba said further.

He acknowledged the need to protect the environment from activities leading to further pollution; and urged private and government organisations to diversify their means of producing energy.

“We are providing renewable energy in TotalEnergies, and we are encouraging people (especially fossil fuel-based companies) to diversify their energy means, moving from the conventional fossil to renewable energy. We should bring hydrocarbons that have less carbon emissions,” the TotalEnergies executive director for joint venture assets, said.

TotalEnergies began oil business in Nigeria in 1962. More than 60 years down the line, the French energy major has produced more than 3.6 billion barrels of crude oil. In the last eight years alone, the Nigerian federal government informed that TotalEnergies EP Nigeria Limited, has invested almost $30 billion in Nigeria’s oil and gas sector.

A number of IOCs have been selling down properties, especially onshore fields and shallow water assets in Nigeria for around 10 years. They adduce high costs of producing onshore, in addition to security risks and pressure on emissions as driving their move away from Nigeria. In February 2022, Seplat announced an agreement for the acquisition of ExxonMobil’s entire share in its shallow water business — Mobil Producing Nigeria Unlimited. Last September (2023), Oando said it signed a deal to acquire 100 percent of Eni’s shares in Nigerian Agip Oil Company Limited (NAOC).

Most of the onshore fields and shallow waters assets have been taken up by local companies. Today, there are over 29 of them showing capacity to manage the assets locally.

However, most of the IOCs remain keen on going deep offshore and there is also a lot of local capacity now.