Business
TotalEnergies Invests Almost $30bn in Nigeria Within Eight Years, Government Says
By Derrick Bangura
Nigeria’s federal government has disclosed that French oil major, TotalEnergies EP Nigeria Limited, has invested almost $30 billion in Nigeria’s oil and gas sector within the space of eight years. It said the company had made a lot of investments in developing the country’s oil resources since it began operation in the last 60 years.
The government criticised Shell, ExxonMobil and Chevron – three of the five oil majors in the country – over their apparent withdrawal from investing further in Nigeria’s oil and gas sector, urging them to emulate TotalEnergies’ sustained investments in the country and resume their investments.
Executive Secretary of the Nigerian Content Development and Monitoring Board (NCDMB), Mr. Simbi Wabote, made the assertions at the weekend in Lagos, at the TotalEnergies’ EP Nigeria’s 60th anniversary dinner.
The French oil giant said Nigeria remained at the heart of its strategy, and indicated plans to expand its business into the country’s electricity sector. It stressed that the sector offered exciting opportunities that it would like to explore.
Wabote said TotalEnergies had invested immensely in Nigeria and deserved commendation for remaining consistent in investing in the country’s oil sector. He said with the amount of investments TotalEnergies had put into the country’s oil and gas sector since its entrance into the space, there was no basis for comparing it with that of Shell, Chevron and ExxonMobil.
Wabote stated, “Total has invested so much in Nigeria since the last 60 years. At the last count, we are looking at almost $30 billion worth of investment in Nigeria within a space of eight years.
“The amount of money Total has invested in this country, when you compare that with other IOCs, like Shell, Chevron, ExxonMobil, there is no basis for comparison.”
Specifically criticising Shell for refusing to invest to develop the protracted Bonga Southwest project, which had been on the drawing board for many decades, Wabote said on the other hand, TotalEnergies had started and completed many projects that were producing oil and gas in the country.
Bonga Southwest is among the oil assets that the government has been banking on to achieve its plan of increasing Nigeria’s oil reserves and production.
According to Wabote, “We started discussing Bonga Southwest before I was born, Total took FID – (Final Investment Decision) on Usan. We were still discussing Bonga Southwest when I got married, Total took FID on Egina. We were still discussing Bonga Southwest, when I had my first child, Total took FID on Ikike. I will go on and on and on.”
The executive secretary argued that his job as local content chief executive would not have existed if there was no project, adding that he needs no apology for praising companies keeping him on the service through undertaking projects that create value for the country.
Wabote added, “Let me use Total to challenge Shell. Unfortunately, I’ve not seen Chevron here and I’ve not seen ExxonMobil. I will use Total to continue to challenge them. Total is also one of the investors of NLNG Train 7, which is about the most important investment in the whole of the country.
“So, we should understand what Total is doing. This is a celebration that we should all partake, for keeping faith in this country, remaining in this country for 60 years is no mean feat. I encourage you to, please, remain with us.”
In his address, President, Exploration and Production, TotalEnergies Group, Mr. Nicolas Terraz, assured that Nigeria remained at the heart of the company’s strategy, pledging to continue investing in the country. Terraz said with the company’s first oil discovery in 1964, and the subsequent commencement of production from the Obagi field, TotalEnergies E&P took its first steps into a future that was yet to unfold.
According to him, with new fields and increased productivity, the company has continued to expand and evolve, leading to its current position as the second largest operator in Nigeria, accounting for 20 per cent of the country’s oil and gas production.
He maintained that TotalEnergies was a major player and a proud partner with Nigeria in developing its oil and gas sector, noting that they have developed a number of projects over the years.
Terraz said the company was in the final stages of the Ikike project, a project he described as key for its Nigerian affiliate to demonstrate the viability of tie-backs to existing fields.
He stated, “A lot of progress has been made, but I know there are a lot of challenges as we near the end. I am counting on the project team, and, indeed, all the affiliates, to apply yourselves to overcome these challenges and deliver the production safely.
“As a company, we have shown a unique commitment to Nigeria. Indeed, the country remains at the heart of our strategy. Nigeria has a lot of potential, but as for Ikike, it is not always ‘plain sailing’, so we all have to perform at our best to continue the adventure.”
He said the group had strived to become the industry benchmark for Nigerian content as demonstrated by the flagship Egina project, where they set new standards, sharing their technological expertise with the oil and gas industry.
The TotalEnergies president hailed the passage of the Petroleum Industry Act (PIA), saying while bringing some much-needed clarity for the industry, it has also brought changes to the regulatory, fiscal and operating environment in the country.
As a responsive organisation, Terraz said the energy group must re-engineer its processes and structure to be able to adapt and face the new challenges while taking advantage of the opportunities.
Terraz expressed excitement at the opportunities that abounded in Nigeria, and indicated the intention of TotalEnergies to expand into the Nigerian electricity sector.
He noted that considering the increasing energy demand of a rapidly growing population and the need to address climate change, their objective was to meet energy needs through an energy mix that was less carbon intensive.
He stated, “Of course, we continue to believe in hydrocarbons. Gas development for NLNG and domestic usage will remain a bedrock of our activities while we concentrate our investments in low cost, low emission oil.
“Electricity offers an exciting opportunity in Nigeria, and it is an area which we would like to explore while also expanding the scope of our company to renewables. I know you are working on this.”
Speaking also, Managing Director of TotalEnergies EP Nigeria and Chairman of TotalEnergies Companies in Nigeria, Mr. Mike Sangster, said the company would continue to collaborate with the government, its partners, and other stakeholders to help to further develop the country’s huge hydrocarbon potential.
Sangster said TotalEnergies was proud to be the second largest oil and gas producer in Nigeria, contributing 20 per cent of Nigeria’s oil production. He said behind the numbers were over 1,166 Nigerian workforce, several billion dollars’ investments into the Nigerian economy in recent years, and five production sites.
Sangster added that the partnership between TotalEnergies and Nigeria had been a very successful one, pointing out, however, that the journey has not always been smooth.
He singled out security as a very serious issue currently facing the company that needed to be addressed by the authorities, noting that the situation “is greatly reducing our onshore production.
“So, we have had our fair share of challenges to overcome, but what I’ve seen personally over the past three years is that when our teams, all our teams, put their heads together, there is no problem that cannot be resolved.”
On her part, Managing Director, Deepwater Operation, Shell Nigeria Exploration and Production Company (SNEPCO), Mrs. Elohor Aiboni, while reacting to the challenge Wabote posed to Shell and other IOCs, stated that it was not only for Shell but for all IOCs existing in Nigeria.
Noting that Nigeria was a good place to do business, Aiboni stated that they looked forward to more investments from all IOCs.
Business
Businesses count losses amid power outage in Bauchi, Gombe, and Jigawa
Business owners in Bauchi, Gombe and Jigawa are recording losses due to week-long blackout ocassioned by vandalism of the power transmission line in parts of northern Nigeria.
The sudden disruption in electricity supply in the past days, also affected essential services such as water, sanitation, street lighting and healthcare delivery as most hospitals have been operating without light.
Some of the affected businesses including shop keepers, millers and artisans, who spoke while reacting to a survey by the News Agency of Nigeria (NAN), described the situation as “pathetic”.
The survey examined the perennial collapse of national grid and the need for alternative power supply in the country.
Rice millers in Gombe had decried the impact of the erratic power supply on their businesses.
A Miller, Musa Arab, at Nassarawo Industrial Layout in Gombe, said the trend was crippling their operations as they relied on electricity supply from the grid to process paddy.
He said the mills were not operational power outage as they could not afford exorbitant pump prices of petrol or diesel to run their machines.
This, he said, reduced the volume of rice supply to the market and posed serious challenge to food security.
“We must invest in power because it is the biggest determining factor for industries to thrive.
“I have over 20 workers in my mill, and we have 100 mini rice mills here, so you can imagine those who have no jobs for the past 10 days.
“Government must go tough on those responsible for the perennial grid collapse because some persons may be benefitting from it,” he said.
Also, Yusuf Ibrahim said the situation might trigger the already fragile inflation, as prices of local varieties would shot up ocassioned by the diminish supply.
He said that some had jerked up their charges to cover the expenses on diesel thereby affecting rice prices.
A check by NAN at the Gombe Main market showed that a 100 kilogramme of rice was sold for between N120,000 and N160,000, as against N110,000 and N150,000, before the blackout.
Mr Usman Sani, a rice dealer, attributed the hike in price to low supply of the produce to the market in spite of the number harvest recorded this cropping season.
He said the prices had decreased slightly at the onset of the harvest, however, it showed sprawling increase due to power outage.
“The price of rice is already dropping as a result of harvest but the trend reverse since the blackout in the past days “ he said.
Ugochukwu Daniel, a bartender in Bauchi, decried the epileptic power supply in the country, adding that lack of durable energy supply would retard Nigeria’s quest to attain social and economic greatness.
Daniel said that she spent much on fuel to run power generator for refrigrator and lightening the beer parlour, to enable her to keep the business running.
He said that businesses could only thrive in an enabling environment with stable electricity supply, to enhance wealth creation and reduce poverty among Nigerians.
“My trade is about chill drinks and it survives on electricity to operate otherwise you will out of bussiness.
“Without electricity there is nothing you can do, and not only business but about everything. We depend on it,” he said.
Similarly, Samuel Adamu, said the persistent power outage had forced him to patronised charcoal for ironing clothes in spite of its high cost and cumbersome processes.
He said that most cleaners in the area had resorted to fabricated iron charcoal in spite of hike in its prices which suddenly jumped from N5,000 to N15,000.
Adamu said the situation also encouraged division of labour in laundry to cut cost and make some gains.
“Presently, I do wash the cloth, and engage someone for ironing. The charge is N300 per set as against N150”.
While advocated development of renewable energies to enhance power supply in the country, Adamu urged security agencies to entensify efforts towards electrical installations in the country.
In the same vein; Mr Muhammad Adamu, Chairman, Jigawa State House Assembly Commitee on Power and Energy, said the Jigawa Electricity Law 2024, made sound provisions to improve power generation and distribution in the state.
This, he said, was an offshoot of the devaluation brought about by the 5th alteration of the constitution, where removed power from the executive legislative list and to the concurrent list.
“It empowered the state houses of assembly to enact laws on power.
“The committee has also carefully pursued the bill and reviewed its structure and the promise it holds for the state power sector, infrastructure and the overall economy of the state.
“The new law will pave way for the establishment of Jigawa Electricity Commission, to regulate the state’s electricity market,” he said.
According to Adamu, the law will protect residents and investors in the energy sector through ensuring prepaid meter installation and possibility of recouping investor’s funds as well as address vandalism.
“The law will lead to provision of reliable, affordable and sustainable power, essential for development of all sectors of the economy, particularly in rural areas,” Adamu said.
“Vandalism will be over because we pay Kano Electricity Distribution Company (KEDCO) money for powered supplies, but whenever there is problem of damages or broken down transformers, it is either the communities or individuals that pay for the repairs”.
Business
Mercedes urges delay of EU tariffs on Chinese electric vehicles
The head of German luxury carmaker Mercedes-Benz, has called for the European Union to de-escalate the dispute with China over tariffs on electric cars.
“We need more free trade instead of new trade barriers.
“That is why it is important to find a solution that suits both the EU and China,” chief executive Ola Källenius told the Monday edition of Bild newspaper.
“The negotiations for this take time. In order not to jeopardise them, the EU should postpone the enforcement of the planned tariffs,’’ he said.
At the start of the month, a majority of EU countries paved the way for additional tariffs of up to 35.3 per cent on battery-powered electric vehicles imported from China.
Germany, however, voted against the measure amid concerns over retaliatory actions which could hurt the country’s giant car industry.
The European Commission had pressed for extra tariffs after an investigation accused Beijing of subsidising domestic electric car manufacturers, and thus distorting the market in the EU.
But whether the import tariffs would actually come into force at the beginning of November is still up to the commission.
The plans can still be dismissed if Brussels reaches a solution with China at the negotiating table.
Business
ACCI moves to promote business connections, balance work-life
The Abuja Chamber of Commerce and Industry (ACCI), is taking innovative steps to enhance professional relationships and promote a healthy work-life balance.
The President of ACCI, Dr Emeka Obegolu, said this in a statement on Tuesday in Abuja.
Obegolu said ACCI was committed to creating environments where professionals could connect beyond the confines of traditional boardrooms.
He said the upcoming “Business Meets Golf’’ Tournament epitomises this vision.
“Scheduled for Oct. 18 to Oct 19 at the IBB Golf Club, the tournament will gather industry leaders, top executives, and key decision-makers for a unique networking experience.
“This two-day event aims not only to strengthen business ties but also to foster partnerships that can drive economic growth.
“The ACCI’s initiative reistates the importance of maintaining a balance between professional achievement and personal well-being.
“By encouraging corporate cultures that prioritise relaxation and self-care, the Chamber acknowledges that such balance is vital for productivity and overall success,” he said.
According to Obegolu, the event will feature a range of activities designed to facilitate both business engagement and relaxation.
“Highlights include a Business-to-Business (B2B) cocktail on the first day, followed by the golf tournament and additional networking opportunities on the second day.
“The tournament will culminate in an awards ceremony recognising outstanding golfers among the participants.
“‘Business Meets Golf’ exemplifies our dedication to fostering innovative networking opportunities.
“We aim to create spaces for meaningful discussions that can lead to impactful collaborations,” Obegolu said.
The ACCI boss said in addition to promoting business connectivity, the council aimed to restate the importance of relaxation and a balanced lifestyle.
Obegolu said through events like this, the Chamber continued to play a pivotal role in supporting trade and industry in Nigeria while driving sustainable growth within the private sector.
He said to raise awareness about this landmark event, ACCI was partnering with the News Agency of Nigeria (NAN) and Media Trust Limited, to ensure broad visibility and engagement from leading brands.
The Abuja Chamber of Commerce and Industry (ACCI), is taking innovative steps to enhance professional relationships and promote a healthy work-life balance.
The President of ACCI, Dr Emeka Obegolu, said this in a statement on Tuesday in Abuja.
Obegolu said ACCI was committed to creating environments where professionals could connect beyond the confines of traditional boardrooms.
He said the upcoming “Business Meets Golf’’ Tournament epitomises this vision.
“Scheduled for Oct. 18 to Oct 19 at the IBB Golf Club, the tournament will gather industry leaders, top executives, and key decision-makers for a unique networking experience.
“This two-day event aims not only to strengthen business ties but also to foster partnerships that can drive economic growth.
“The ACCI’s initiative reistates the importance of maintaining a balance between professional achievement and personal well-being.
“By encouraging corporate cultures that prioritise relaxation and self-care, the Chamber acknowledges that such balance is vital for productivity and overall success,” he said.
According to Obegolu, the event will feature a range of activities designed to facilitate both business engagement and relaxation.
“Highlights include a Business-to-Business (B2B) cocktail on the first day, followed by the golf tournament and additional networking opportunities on the second day.
“The tournament will culminate in an awards ceremony recognising outstanding golfers among the participants.
“‘Business Meets Golf’ exemplifies our dedication to fostering innovative networking opportunities.
“We aim to create spaces for meaningful discussions that can lead to impactful collaborations,” Obegolu said.
The ACCI boss said in addition to promoting business connectivity, the council aimed to restate the importance of relaxation and a balanced lifestyle.
Obegolu said through events like this, the Chamber continued to play a pivotal role in supporting trade and industry in Nigeria while driving sustainable growth within the private sector.
He said to raise awareness about this landmark event, ACCI was partnering with the News Agency of Nigeria (NAN) and Media Trust Limited, to ensure broad visibility and engagement from leading brands.
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