Total CEO to Buhari: Investors eagerly waiting for PIB passage

Patrick Pouyanne, the chief executive officer of Total, says investors are eagerly waiting for the passage of the Petroleum Industry Bill (PIB).

Pouyanne said the PIB passage will send a strong signal of predictability to foreign investors.

PIB, a bill expected to reform the oil sector, is currently waiting for final passage at the national assembly.

On Tuesday, Timipre Sylva, the minister of state for petroleum resources, had said the passage will not go beyond June 2021.

Pouyanne made these remarks on Wednesday during a meeting with President Muhammadu Buhari in Paris at the African Finance Summit, alongside other delegation from Total.

Total is one of the biggest investors in Nigeria, their 200,000 bpd Egina field, home to Total’s largest-ever floating production storage and offloading (FPSO) — which began production in December 2018 — representing 10% of Nigeria’s production

Pouyanne told the president of the readiness of the company to stay in Nigeria and further expand interest in oil, gas, solar and other commodities that will directly impact the lives of citizens.

“Total is very committed to Nigeria. We have no intention of leaving Nigeria,’’ he said.

Femi Adesina, the presidential spokesman, quoted Buhari as saying fiscal policies will be more favourable, predictable and measurably tilted towards creating a harmonious business environment.

“We are very pleased with the evolving trends in technology, which is currently driving development across the world and Nigeria. Nigeria is more a gas country than a crude oil producing country. In the 80’s we generated more from gas than crude oil.

“In the 80’s, we were earning more from gas for some years, and had put in place structures. We intend to further explore the gas sector. I am pleased with your consistency in staying in Nigeria,’’ he told Total delegation.

President Buhari said investors should take advantage of the natural and human resources, pointing out that the demographics favour development, with more young people who are eager to be gainfully engaged and trained.

“We need to educate the youth and encourage more skills in technology. Technology has been most impactful in all sectors, including the oil and gas, which has witnessed rapid transformation in exploration, processing and distribution,’’ he added.

On his part, Mele Kyari, the group managing director of the Nigerian National Petroleum Corporation (NNPC), said the corporation had already designed solutions to some of the oil and gas sector challenges, particularly on tax.