Oil major, TotalEnergies has fully funded its host community development trust with $15 million.
This is according to Engr. Gbenga Komolafe, the Chief Executive of the Nigerian Upstream Petroleum Regulatory Commission (NUPRC).
He made the revelation during a meeting with Mathieu Bouyer, the Managing Director of TotalEnergies on Monday, October 30. Mathieu Bouyer led a team of his company’s officials to NUPRC for a discussion on issues of decommissioning and abandonment funds and future planned projects in their area’s operations.
During the meeting, Komolafe praised TotalEnergies for fully funding all five Host Communities Development Trusts (HCDTs), totalling $15 million, showcasing their commitment to the host community.
Notably, they are the first among International Oil Companies (IOCs) operating in Nigeria to achieve this milestone.
The Chief Executive of the Commission also expressed satisfaction with TotalEnergies for consistently following operational guidelines within the Nigerian Oil and Gas fields.
Engr. Komolafe underscored the Commission’s determination to promote stability and attract investment into the Nigerian Oil and Gas Sector.
He also highlighted TotalEnergies’ significant achievement of producing three billion barrels during its six decades of operations in Nigeria.
In the context of gas flaring reduction and decarbonization, Engr. Komolafe acknowledged TotalEnergies’ efforts in complying with clean operation regulations. TotalEnergies is notably recognized for its gas flare reduction project on OML 100, marking another pioneering achievement in the industry.
The Commission is actively working on its policy to open up business opportunities in the Upstream sector through automated regulatory processes, with a focus on reducing the unit cost of production per barrel.
Engr. Komolafe also commended TotalEnergies for being the first company to convert under the Petroleum Industry Act (PIA) conversion provision.
In response, TotalEnergies’ Managing Director, Mathieu Bouyer, expressed their readiness to collaborate with the Commission and expand their investments while maintaining strict compliance with the law.
This demonstrates their commitment to furthering their positive contributions to the Nigerian Oil and Gas industry.
What you should know: Heineken Lokpobiri, the Minister of State for Petroleum Resources, has assured TotalEnergies of a commitment to ensure the security and stability necessary for their oil production projects.
He conveyed this promise during a meeting with TotalEnergies’ representatives, emphasizing the Tinubu administration’s dedication to sustaining a secure, regulated, and fiscally enabling environment.
The goal is to facilitate the company’s projects, aiding in the increase of oil production within the country. In the October 28 meeting, Lokpobiri highlighted President Bola Ahmed Tinubu’s strong determination to address any concerns brought forward by TotalEnergies in the oil sector.
The government highly values the partnership and presence of the company, as noted during the discussions. Lokpobiri emphasized the crucial role of a safe and supportive environment for businesses to thrive.
He assured TotalEnergies of the government’s active efforts in creating a secure space for investments and operations.
