The Nigerian oil industry has been characterised as crucial to creating jobs and developing the nation.
As Mr Michael Sangster of TotalEnergies pointed out at the Nigerian International Petroleum Summit, NIPS, in Abuja, this warranted.
The International Oil Companies, IOC, were more likely to make significant contributions to the country due to the local content policy, Sangster stated.
According to him:
“The industry has been proactive with the local content act; the act aided the establishment of indigenous companies and creation of jobs. “The Egina project is a good product of local content, and we are very proud of it because 70 per cent of the fabrication are done in country and they are quality and the facility is working well.”
To stimulate the economy and increase regional development, the TotalEnergies CEO proposed that the government invest a significant portion of its revenue into local content.
According to him:
“We strongly believe that sustainability of the local content will help keep young people busy.”
According to Mr Osagie Okunbor, the Chairman of Shell Nigeria, Nigeria is more of a gas-producing country.
“Yes, we want to grow our reserve, but the challenge is producing the reserve for the benefit of the country,” he said.
Among the points he emphasised were building a supportive environment, securing infrastructure and collaborating with stakeholders.
During his remarks, Okunbor expressed his gratitude to the National Assembly for its commitment to passing the Petroleum Industry Bill (PIB).
He believes this would contribute significantly to the growth of the sector and the investment needed.
To give the Nigerian economy a boost, he urged all stakeholders to support the gas value chain.
Chevron Middle East’s Director of Joint Venture Operations, Monday Ovuede, espoused that the sector would be able to achieve its goals and prosper with proper guidelines and policies.
As the development of power is vital to the growth of any country, he believes the expansion of the gas pipeline will be a good step in the right direction.
By passing the PIB bill, he said Nigeria would also attract foreign direct investment in the downstream oil and gas sector.
Additionally, he urged adopting digital solutions and modern technology to increase production efficiency.
Continuing its collaboration with the Nigerian government is essential to Abiodun Afolabi, Executive Director of Corporate Services at TotalEnergies. TotalEnergies is transitioning into a new industry for hydrocarbons, according to him.
“As you all have seen, we are a newly integrated energy company; you can see the new logo and name. This new year development exemplifies the dynamics we are adopting. “TotalEnergies want to see industry maximise potential and deliver optimal dividends to Nigerians and Africa, as a whole. “We are committed to make Nigeria an attractive destination for business,” he said.