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TotalEnergies Chose Angola Over Nigeria For $6 Billion Project. See Why - Politics - Nairaland

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TotalEnergies Chose Angola Over Nigeria For $6 Billion Project. See Why by nlfpmod: 6:38pm On May 20
The Chief Executive Officer (CEO) of TotalEnergies, Patrick Pouyanne, has explained why the company is investing a whooping sum of $6 billion in energy projects in Angola over Nigeria.

Pouyanne, who spoke with panellists of the Africa CEO in Kigali, Rwanda, said the inconsistency in policymaking decisions led to the diversion of the project from Nigeria to Angola, a country with a more stable policy framework.

The oil boss stated that although the Niger Delta is the most productive region in West Africa, the erratic policy environment has made investment untenable.

He added that TotalEnergies has not conducted oil exploration in the region for 12 years.

Nigeria loves to open topics without closing them. You love to debate. There is always a new legislature in Nigeria about a new petroleum law. When you have such permanent debates, it’s difficult for investors looking for long-term structure to know what direction to go.

In reality, the Niger Delta is the most prolific part of West Africa. But if you look at what happened, because of these debates, there has not been a single exploration in Nigeria for 12 years.

“It’s important to have a debate and then settle it and put a framework on the table that investors can trust.

We have countries that have perfectly integrated policies like Angola. So, we go to Angola and announced a very large $6 billion projects in the beginning of the week because there their framework is stable. So we know where we go,
” Pouyanne said.

Insecurity, lack of talent stifling investment
In addition, Pouyanne said that insecurity and the lack of human capital are two of the main issues facing investment in the country.

According to him, investors need the guarantee that their investments are secured and not exposed to violence and demolition.

He also added that the firm is training individuals to boost human capital and required talents needed in the oil and gas sector.

What are the challenges? Security comes first. For a CEO like me, security of my people is of utmost important. Fortunately, we have customs in the Niger Delta to deal with it.

We also have finding talent has a difficulty. In some countries like Nigeria and Rwanda, we find difficult to find talent. Some of them have difficulty in education. And we can contribute to that. That’s some of the things we do, training people,” he said.

What you should know
In December 2023, TotalEnergies said it would invest as much as $6 billion in Africa’s biggest oil producer in the years ahead.

The energy firm said it will target deep-water projects and gas production at a time when international oil companies (IOCs) are shifting attention away from onshore to offshore operations in Nigeria.

Pouyanne had told President Bola Tinubu during a meeting in Abuja that the French company is in support of the current administration’s policies and push to resolve insecurity issues in the industry.

Nigeria contributes eight to 10% of TotalEnergies’ global output and is home to more than 18 per cent of its overall investments.

However, the company has been finding it difficult to get the oil major to retain its interest in offshore assets, which has been problematic for IOCs because of their vulnerability to insecurity and vandalism.

In February, Nairametrics reported that the firm announced plans to sell its minority stake in a major Nigerian oil joint venture.

The firm said It wants to divest its share of Shell Petroleum Development Company of Nigeria Limited (SPDC) and is looking to reshape its portfolio since producing oil in the Niger Delta is not in line with its health, security and environmental policies.

https://nairametrics.com/2024/05/20/why-total-energies-chose-angola-over-nigeria-for-6-billion-energy-project-ceo-pouyanne/

32 Likes 4 Shares

Re: TotalEnergies Chose Angola Over Nigeria For $6 Billion Project. See Why by vanbonattel: 6:38pm On May 20
Well, I think they're right to reject Nigeria and choose Angola instead, because,

Their company will just be demolished in a short while.

Don't invest in Lagos, even the international community knows.

288 Likes 28 Shares

Re: TotalEnergies Chose Angola Over Nigeria For $6 Billion Project. See Why by rantingpigs: 6:43pm On May 20
Tinubu has made the country unattractive for foreign investments. Such a big definition of a failure Promax.. angry

200 Likes 20 Shares

Re: TotalEnergies Chose Angola Over Nigeria For $6 Billion Project. See Why by helinues: 6:45pm On May 20
Toh

We get Dangote for here.. Food wey man go chop no go pass am

126 Likes 8 Shares

Re: TotalEnergies Chose Angola Over Nigeria For $6 Billion Project. See Why by kenny714433(m): 6:45pm On May 20
Damn. That would have been a massive investment if not for Tinubulation.

Just look at how Nigeria is killing our dream in the Niger Delta region.


By now, Ph would have looked like Japan, Uyo like Johannesburg. CRS would be like Toronto, Delta like Peterborough and Bayelsa like Miami. But here we are, trapped in Nigeria.

The SS region still remains the best in the country.

66 Likes 10 Shares

Re: TotalEnergies Chose Angola Over Nigeria For $6 Billion Project. See Why by EmeeNaka: 6:45pm On May 20
This is how country get their foreign exchange right. Being led by idiots has been the reason for this loss in investment in Nigeria.

96 Likes 8 Shares

Re: TotalEnergies Chose Angola Over Nigeria For $6 Billion Project. See Why by Padipadi: 6:46pm On May 20
What a loss!
Nigeria is heading backward. No light, no fuel, no money for millions of people.
I m hearing rumours of budget of VP, NASS etc. I dey see billions.
For NASS own, I just read this: https://www.google.com/amp/s/thenationonlineng.net/nass-budgets-n25-billion-for-car-parks-recreation-centre-hospital/amp/
N15bn for hospital yet they travel abroad for medicals, N6bn for car parks. Wetin happen?
And one kinda N30bn for some buildings or so. How many cars do senate & reps have? It reach 1000 cars? Per sitting of both chambers, including the president, all state governors, ministers and commissioners, them reach 5000 cars?
They better start dropping their cars and be taking them to NASS in govt buses by batch. Make dem dey meet for bus stops.

24 Likes 5 Shares

Re: TotalEnergies Chose Angola Over Nigeria For $6 Billion Project. See Why by NwaNimo1(m): 6:46pm On May 20
Its over for Nigeria....

30 Likes

Re: TotalEnergies Chose Angola Over Nigeria For $6 Billion Project. See Why by phemmie06(m): 6:46pm On May 20
Let him go with his investment, we have better people that would invest in our land. Our baba is capable.
He belongs to opposition party....
That is what the blind followers would say.

18 Likes 2 Shares

Re: TotalEnergies Chose Angola Over Nigeria For $6 Billion Project. See Why by Basicend: 6:46pm On May 20
As a Nigerian, I would not invest a multi billion dollar investment in the current Nigerian policy and economic climate.

It's a very unbiased feasibility study from the multi-national oil concern.

Nigerian govt that struggles to keep stability of just import duties, FX rates, tax windows, electricity and utilities tariff for just one week. Such a helpless lot.

80 Likes 6 Shares

Re: TotalEnergies Chose Angola Over Nigeria For $6 Billion Project. See Why by Padipadi: 6:46pm On May 20
helinues:
Toh

We get Dangote for here.. Food wey man go chop no go pass am
Sharap. That deal was not to be missed.
helinues:


Oya go and retrieve it back then as Nigeria birth cord was tied to it
I ll paste hot eba on ya neck! You dz olodo APC mouthpiece. Yet you're among the suffer heads on this site, in ya street, family and nationwide. Can't you see the reason, delay in decision making by govt. Aren't you suppose to be crying on behalf of all Nigerians?
Of all of you, only FreeStuffsNG dey talk with sense. Others like you are babu lakaiye.
Before you think I m from Elupee or PDshit, nope. I m a concerned Nigerian. And ya APshit isn't doing well!

52 Likes 1 Share

Re: TotalEnergies Chose Angola Over Nigeria For $6 Billion Project. See Why by agabusta: 6:47pm On May 20
So why did they choose Naija for Egina instead of Angola?

2 Likes

Re: TotalEnergies Chose Angola Over Nigeria For $6 Billion Project. See Why by agabusta: 6:47pm On May 20
Anything to trend

2 Likes

Re: TotalEnergies Chose Angola Over Nigeria For $6 Billion Project. See Why by pandoragirigory: 6:47pm On May 20
As expected, when bitter grieving obi and his 40 million people are always grieving and mourning seriously over their lose

92 Likes 2 Shares

Re: TotalEnergies Chose Angola Over Nigeria For $6 Billion Project. See Why by helinues: 6:48pm On May 20
Padipadi:

Sharap. That deal was not to be missed.

Oya go and retrieve it back then as Nigeria birth cord was tied to it

86 Likes 2 Shares

Re: TotalEnergies Chose Angola Over Nigeria For $6 Billion Project. See Why by Chinjo2: 6:48pm On May 20
You can all see now that the wicked policy of APC Government is the bame of Nigerias development.

14 Likes 2 Shares

Re: TotalEnergies Chose Angola Over Nigeria For $6 Billion Project. See Why by vanbonattel: 6:49pm On May 20
helinues:
Toh

We get Dangote for here.. Food wey man go chop no go pass am

You have Dangote but have no fuel grin

38 Likes 2 Shares

Re: TotalEnergies Chose Angola Over Nigeria For $6 Billion Project. See Why by Buhari4dullard: 6:49pm On May 20
vanbonattel:
Well, I think they're right to reject Nigeria and choose Angola instead, because,

Their company will just be demolished in a short while.

Don't invest in Lagos, even the international community knows.
People are thinking twice now about Lagos.

They want Lagos to themselves, they will soon get.

Already the real estate market is slowly crumbling.

Dem never start sef angry

24 Likes 4 Shares

Re: TotalEnergies Chose Angola Over Nigeria For $6 Billion Project. See Why by joebeckz(m): 6:49pm On May 20
Plain truth
All points are valid.
Our Leaders are to be blamed.

8 Likes 2 Shares

Re: TotalEnergies Chose Angola Over Nigeria For $6 Billion Project. See Why by NothingDoMe: 6:49pm On May 20
lol. see finish. we like to debate.

6 Likes

Re: TotalEnergies Chose Angola Over Nigeria For $6 Billion Project. See Why by Wizardslayer: 6:49pm On May 20
We must deal with Igbos.

We must teach them a hard lesson.

16 Likes 2 Shares

Re: TotalEnergies Chose Angola Over Nigeria For $6 Billion Project. See Why by FreeStuffsNG: 6:49pm On May 20
Chevron chose Guyana over UK too and heavens didn't fall.
Meanwhile, same TotalEnergies is hustling to bring the oil to Nigeria's Dangote Refinery.

God bless Nigeria for ever!Check my signature for free stuffs!

10 Likes 1 Share

Re: TotalEnergies Chose Angola Over Nigeria For $6 Billion Project. See Why by omoadeleye(m): 6:49pm On May 20
So because you want to invest Angola now, you start saying shii about Nigeria, put your money where your mouth is and stop the unnecessary talks.


The part he said that Nigeria lacks talent, if you're in support and happy to all what the man talks about Nigeria, then you should be ashamed of yourself of being among the talentless in Nigeria

16 Likes 1 Share

Re: TotalEnergies Chose Angola Over Nigeria For $6 Billion Project. See Why by aguluobi: 6:50pm On May 20
Are you Igbo ?


eweqwatr:
If Nigeria president supporters stole balot boxes and were attacking and physically harming innocent voters in Lagos to win election.. then how will any sane investor bring such huge investment to Nigeria?

You think investors are blind? they know what is happening in Nigeria and will rather invest were there's reasonable peace at least.

6 Likes

Re: TotalEnergies Chose Angola Over Nigeria For $6 Billion Project. See Why by NothingDoMe: 6:50pm On May 20
FreeStuffsNG:
Chevron chose Guyana over UK too and heavens didn't fall.
Is this how we want to attract foreign investors?

10 Likes 2 Shares

Re: TotalEnergies Chose Angola Over Nigeria For $6 Billion Project. See Why by hammer567: 6:50pm On May 20
UNA NO GO COMMOT THIEF-NUBU FROM THAT PLACE?



A MAN THAT DID NOT WIN ELECTION?

14 Likes

Re: TotalEnergies Chose Angola Over Nigeria For $6 Billion Project. See Why by phemmie06(m): 6:50pm On May 20
Despite all the investment tour baba embark on, we still lose this
But they told us he didn't sleep, his thinking bloc never tells him about the irregularities in our policy?

6 Likes 2 Shares

Re: TotalEnergies Chose Angola Over Nigeria For $6 Billion Project. See Why by ObongNkakad: 6:51pm On May 20
Nigeria suffering from BATeria infection is making everything good run away from her.

16 Likes

Re: TotalEnergies Chose Angola Over Nigeria For $6 Billion Project. See Why by livinbygrace: 6:51pm On May 20
Noted,on a normal level no serious investors would choose Nigeria over Angola,even francophone countries are still better than Nigeria.

14 Likes 2 Shares

Re: TotalEnergies Chose Angola Over Nigeria For $6 Billion Project. See Why by hammer567: 6:51pm On May 20
FULANI, U SEE HOW U TAKE INEC CHAIRMAN OFFICE DESTROY NIGERIA


Y DO U HATE THIS COUNTRY?

10 Likes 1 Share

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