TotalEnergies plans to invest billions of dollars in Nigeria’s oil sector by participating in the ongoing oil bid round, the company’s CEO, Patrick Pouyanne, confirmed during a recent visit to the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) in Abuja. The company expressed its commitment to exploring new investment opportunities in Nigeria, despite past concerns over the country’s inconsistent policy landscape.
Pouyanne’s meeting with NUPRC CEO Gbenga Komolafe focused on key issues such as divestment, investment, and regulatory consent. TotalEnergies also registered for the current bid round, aiming to explore opportunities in Nigeria’s upstream petroleum sector. The company highlighted its interest in domestic crude oil supply obligations and regulatory aspects related to decommissioning and abandonment.
In May, Pouyanne had criticized Nigeria’s policy uncertainty for hindering investments, mentioning that the company had chosen to invest $6bn in Angola instead, citing a more stable regulatory environment. However, with Nigeria’s recent efforts to modernize its upstream sector, TotalEnergies is revisiting its interest in the country, signaling a potential shift in its investment strategy.
