TotaleEnergies CEO Meets NUPRC Boss, Pledges Multibillion Dollar Investment

President and Chief Executive Officer of TotalEnergies worldwide, Patrick Pouyanne, has visited the Chief Executive of the Nigerian Upstream Petroleum Regulatory Commission (NUPRC), Engr. Gbenga Komolafe.

The meeting held at the Commission’s headquarters in Jabi, Abuja, focused on key issues surrounding divestment, investment, and regulatory consent, addressing ongoing initiatives related to the Shell Petroleum Development Company Joint Venture (SPDC JV) deal which covered the deal’s current status and its potential implications for future investment opportunities in Nigeria’s Upstream petroleum sector.

At the meeting, Pouyanne expressed his company’s interest in exploring additional areas for investment.

Pouyanne informed Omotosho that TotalEnergies had registered for the current bid round, signaling its commitment to exploring new opportunities and gaining insight into NUPRC’s perspective on the process, including the Commission’s approach to contract types and the necessity of partnerships within the bidding framework.

Other areas of interest for TotalEnergies also included Nigeria’s domestic crude oil supply obligations, with the aim of strengthening operational efficiencies and aligning with mutual objectives between the company and NUPRC.

Pouyanne also noted his company’s interest in the regulatory aspects of decommissioning and abandonment, crucial components as Nigeria seeks to modernize its upstream petroleum landscape.

The TotalEnergies CEO commended NUPRC for restoration of investors’ confidence in the Nigerian Upstream Sector.

He also promised billions of USD investment and participation in the 2024 licensing Round.

Komolafe, on his part, highlighted the NUPRC’s commitment to fostering a favorable business environment.

He emphasized that as an enabler of business under the Petroleum Industry Act (PIA), the NUPRC was developing new regulations designed to streamline operations, encourage foreign investments, and simplify business processes in Nigeria’s petroleum sector.