TotalEnergies Nigeria has announced plans to increase its investment towards the reduction of carbon footprint in the country, noting that the company has so far reduced its carbon footprint to a considerable level.
The Deputy Managing Director, Deepwater, TotalEnergies Nigeria, Victor Bandele, explained that tackling carbon footprint reduction requires deliberate efforts by all stakeholders in the oil and gas industry, adding that the energy firm has invested a lot of financial and human resources towards decarbonising the Nigerian economy.
He stated this during a panel session at the sixth edition of the sub-Saharan African International Petroleum Exhibition and Conference organised by the Petroleum Technology Association of Nigeria (PETAN) in Lagos, themed “Dynamics of sub-Saharan Africa’s Energy Oil and Gas Sector as we strive to a Low Carbon Future, an IOC perspective.”
On the Petroleum Industry Act (PIA), Bandele said stakeholders are still seeking clarity in terms of the marketing aspect of gas in the Act, but stated that the Act has brought about a lot of clarity into the fiscal terms where investors can make investment decisions.
According to him, International Oil Companies (IOCs) have pledged their support to the federal government’s quest to make gas the country’s transition fuel in the face of the global energy transition to cleaner sources of energy.
He added that TotalEnergies Nigeria is committed to achieving carbon neutrality in its operation by 2050, saying that the company is in line with its new profile as an energy company, exploring all energy sources which includes biofuels, solar, gas electricity and hydrogen
“We have taken that on board and we are aligning with the federal government because the government itself has demonstrated that this is where it is heading to,” he said.
Earlier, the Managing Director, Chevron Nigeria/Mid Africa Business Unit, Rick Kennedy, said Africa’s young, skilled and large population as well as its abundant gas resources, provide a huge opportunity for investors.
Represented by the Director, Deepwater/Production Sharing Contract, Chevron, Mr. Bobby Heuliet, he said Chevron would continue to invest and make significant contributions to the Gross Domestic Product (GDP) of the region.
“Our vision is in line with the aspiration of African countries, including Nigeria to use gas as a transition fuel. We will continue to make investments that would promote gas development,” he assured.