Tinubu: We’ll remove all barriers impeding investments in oil and gas sector

President Bola Tinubu says his administration will ensure that Nigeria remains a top-level destination for offshore and onshore oil and gas investments.

Tinubu spoke on Monday in Abuja while receiving Patrick Pouyanne, group chairman and chief executive officer (CEO) of Total Energies.

According to a statement by Ajuri Ngelale, special adviser to the president on media and publicity, Tinubu said his administration is focused on removing all anti-investment hindrances in the country.

“We are committed to removing all cobwebs and anti-investment impediments in the oil and gas industry. We have a clear path that we are committed to pursuing. We are ready to work with you,” Tinubu said.

He commended TotalEnergies for years of exploration and investment in Nigeria’s oil and gas sector, highlighting the achievement as proof of the company’s dedication and confidence in the country.

Tinubu said his administration is committed to bolstering Nigeria’s investment climate, emphasising that the Petroleum Industry Act (PIA) aims to establish a beneficial investment and work environment.

“The moment I took over, there was a clear path that we set out to pursue, and we will ensure that Nigeria remains a top-level investment choice in the dynamics of the offshore and onshore sectors,” Tinubu said.

“We will review troublesome areas, fiscally and otherwise, to incentivize gas production in the age of transition to cleaner energy. We are ready to make a difference as a government.

“The good handshake that we have is for partnership and to accelerate and incentivize gas production in pursuit of the energy transition.”

On his part, Pouyanne said Nigeria is “very important” for Total Energies, accounting for 8 percent to 10 percent of the company’s worldwide total production and over 18 percent of its global investment.

“Mr. President, we are ready to invest $6 billion in the coming years. We are looking extensively at more deepwater production and gas production opportunities across the terrain,” he said.

“We welcome your policies and your personal commitment to ensuring that all required fiscal incentives are provided while security issues are tackled.

“Everything is here. We just need to conclude with the tweaks and changes necessary to unlock the outstanding potential in both oil and gas.”

Pouyanne also emphasised the company’s dedication to upholding “its zero-flaring status” in Nigeria to benefit the country’s energy transition plan while simultaneously improving the environment and monetising available gas resources.