In a recent visit to the headquarters of the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) in Jabi, Abuja, Patrick Pouyanne, President and CEO of TotalEnergies worldwide, engaged in discussions with Engr. Gbenga Komolafe, the Commission’s Chief Executive (CCE). The meeting centred on critical issues surrounding divestment, investment, and regulatory consent, particularly in relation to the ongoing initiatives concerning the Shell Petroleum Development Company Joint Venture (SPDC JV).
According to NUPRC, Pouyanne expressed his company’s interest in exploring additional areas for investment. He informed the CCE that TotalEnergies has registered for the current bid round, signaling its commitment to exploring new opportunities and gaining insight into the NUPRC’s perspective on the process.
“These include the Commission’s approach to contract types and the necessity of partnerships within the bidding framework,” Pouyanne stated.
NUPRC added that “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.
“Mr. 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 the NUPRC for its efforts in restoring investor confidence in the Nigerian upstream sector, expressing optimism about potential investments amounting to billions of US dollars and the company’s participation in the 2024 licensing round.
Engr. Gbenga Komolafe, reaffirmed the NUPRC’s commitment to creating a conducive business environment. He emphasised that as an enabler under the Petroleum Industry Act (PIA), the NUPRC is developing new regulations aimed at streamlining operations, encouraging foreign investments, and simplifying business processes within Nigeria’s petroleum sector.
