Total Energies, a globally integrated energy company that produces and markets energy, has decided to initiate a $6 billion energy project in Angola rather than Nigeria. Speaking with the panelists of the Africa CEO in Kigali, Rwanda, The Chief Executive Officer (CEO) of TotalEnergies, Patrick Pouyanne, explained why the integrated energy company made the bold decision.
He mentioned that Nigeria’s policymaking inconsistency might hinder the project process. Hence, he calls for diversifying a whopping $6 billion in energy projects in Angola.
The oil boss further reiterated Delta State as the most productive region in West Africa. However, the unstable policies make it less suitable for the project. Stating why the energy company has yet to conduct oil exploration in the region, he said, “Nigeria loves to open topics without closing them. You love to debate. A new legislature in Nigeria always deals with new petroleum laws. With such permanent debates, it’s difficult for investors looking for long-term structure to know what direction to go.
“In reality, the Niger Delta is the most prolific part of West Africa. But if you look at what happened, there has not been a single exploration in Nigeria for 12 years because of these debates.”
While listing reasons for Angola, he mentioned Nigerians’ vandalizing and violent acts, which exposed the investment to security threats. He also noted the unavailability of talent in the oil and gas sector due to a lack of proper education.
In response, the firm has initiated a training section to boost the human effort and required talents in the oil and gas sector.
The energy firm said it will focus on deep-water projects and gas production as international oil companies (IOCs) shift attention away from onshore to offshore operations in Nigeria.
Presently, Nigeria houses 18 percent of the total energy projects, contributing 8 to 10 percent of its global outputs.
