Business

Total boss: IOCs ready to contribute to PIB

Managing Director of Total Upstream Companies in Nigeria, Mr. Mike Sangster, has declared the readiness of international oil companies (IOCs) to contribute to the success of Petroleum Industry Bill (PIB).

 

Speaking at the Nigeria Energy Industry Transformation Summit (NEITS), organised by Society of Petroleum Engineers, SPE, Nigeria Council, Sangster like other stakeholders beamed spotlights on cleaner energy, gas, and the PIB.

 

In his sponsor’s remark at the summit, Sangster declared Total’s willingness to continue to invest in Nigeria and to contribute constructively to the ongoing debate about the Petroleum Industry Bill. Sangster disclosed this at the opening ceremony of the 3-day summit that had the theme: “Changing Global Energy Landscape: Strategy for Industry Sustainability.”

 

“We welcome the efforts being made by the authorities to define a long-term framework for the oil and gas industry that provides clarity & certainty, but it must also provide attractive terms and a win/win solution for the country and investors in order to entice sufficient capital in an ever more competitive world. “A progressive, win/win, PIB could be the catalyst needed for a new wave of investments in Nigeria instead of other countries and hence contribute to the sustainability of the oil and gas industry,” Sangster said.

 

The Total MD further said: “Total is strongly positioning for sustainability. We wish to apply this approach in Nigeria as well with a focus on gas and low-cost oil.” Earlier in his opening address, the Minister of State for Petroleum Resources, Timipre Sylva, said: “This years’ theme is quite pertinent to the contemporary issues affecting the industry.

 

With the pandemic, encouragement of local industry participation is now an element of national strategy and sustainability. “The proposed PIB will further encourage participation of Nigerians in various oil and gas activities.” Also speaking at the opening ceremony, the NNPC Group Managing Director, Mele Kyari, remarked: “What COVID-19 has thrown unto us is to think of sustainability of this business. For us, deepening gas penetration is the key. Gas is the transition energy of the future.

 

We are a gas country with huge resources: 200 million Tcf of gas is completely unutilised. “Producing almost just about 8 million Scf/d of gas is completely out of line of the reality we can achieve. This should not only be the year of gas but the decade of gas.

 

The key thing for us as a country is to focus on gas as we transit into the future.” Director, Department of Petroleum Resources, Sarki Auwalu, and 2020 SPE International President, Shauna Noonan, joined other industry stakeholders to give their remarks at the summit.

 

Chairman, SPE Nigeria Council, Joe Nwakwe, explained to participants that the NEITS was held in place of the Nigeria Annual International Conference & Exhibition, NAICE 2020, in response to the coronavirus pandemic, which made gathering in the usual manner untenable.

 

The Vice Council Chairman of the association and Total’s Executive General Manager, Deep Water GSR & Planning, Olatunji Akinwunmi, is expected to take over the leadership of the society in the coming days.

 

 

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