Financial Energy Review
…..says Nigeria has no choice but follow the bandwagon….
……..by Ben Ndubuwa……
The Managing Director of Totalenergies E&P Nigeria Limited Mr.Mike Sangster has said that the March to Renewable energy is Irreversible.
Sangster maintained that Nigeria may not have much choice over the speed and velocity of the energy transition.
The Totalenergies Managing Director said this at the Nigeria Association of Petroleum Explorationists ( NAPE) annual pre-conference management session in Lagos with theme: PIA: Implications for Oil and Gas Industry and Energy Transition in Nigeria.
“It is therefore very urgent that the country takes maximum advantage of the deregulation of the industry and other welcome provisions of the PIA to exploit her petroleum resources, build critical infrastructure and position competitively in the energy transition” Sangster said.
According to him the case for investments envisaged by the PIA still has to be made in view of climate concerns and the attention on energy transition. “We must appreciate that although fossil fuels will remain the main source of energy for the world for some time to come, the march to renewable energies is irreversible” he emphasised.
He explained that TotalEnergies is an energy company with footprints in over 130 countries around the world. We have been in Nigeria for over 60 years.
“We are the only IOC with presence across the entire value chain of the Oil & gas Industry at the moment. We started our downstream activities in Lagos in June 1956. And in May 1962, we began our upstream operations in Obagi, Rivers State.
“Today, our network boasts of 577 service stations spread across Nigeria. We are currently the second largest producer of crude oil in Nigeria and also the busiest IOC in the country in the last 10 years, having delivered Egina project in December 2018 and currently working towards bringing Ikike project onstream in 2022” he said.
In response to the global climate challenge and the growing demand for more affordable, more accessible, and cleaner energy, Sangster said that the company has adopted the name TotalEnergies to affirm its identity as a broad energy Company and confirm its ambition to be a major player in the energy transition, on the road to net zero by 2050.
“With the new identity, the Company underscored its resolve to produce more energy with less emissions in order to contribute to the planet’s sustainable development and effectively address the issue of climate change. The Company is doing this by re-inventing itself and moving towards new energies, without renouncing its origins in oil and gas, but by decarbonising them as much as possible and growing in renewable electricity, hydrogen, biomass, wind, and solar power” Sangster said.
