Tinubu: I will remove all Cobwebs, Anti-Investment impediments in Oil and Gas Industry

President Bola Tinubu, has assured the International Investment Community that his Administration would ensure that Nigeria remains a top-level destination for Offshore and Onshore Investments.

Receiving the Group Chairman and CEO of Total Energies Worldwide, Patrick Pouyanne, on Monday in Abuja, the President reiterated the Federal  Government’s commitment to removing all Anti-Investment impediments in the Country.

A statement by Presidential Spokesman, Ajuri Ngelale quoted Tinubu as saying: “We are committed to removing all Cobwebs and Anti-Investment impediments in the Oil and Gas Industry.

“We have a clear path that we are committed to pursuing. We are ready to work with you.”

Tinubu commended Total Energies for its years of Exploration and Investment in Nigeria’s Oil and Gas Sector, citing the feat as evidence of the Company’s commitment and confidence in Nigeria.

The President assured the Delegation that his Administration was determined to improve the Investment Climate in Nigeria, emphasising that the aim of the Petroleum Industry Act (PIA) was to create a favourable Investment and Work Environment.

He reiterated his Administration’s commitment to making the necessary efforts for Industrial peace, harmony, and development.

“The moment I took over, there was a clear path that we set out to pursue, and we will ensure that Nigeria remains a top-level Investment choice in the dynamics of the Offshore and Onshore Sectors.

“We will review troublesome areas, Fiscally and otherwise, to incentivise Gas Production in the age of transition to Cleaner Energy.

“We are ready to make a difference as a Government. The good handshake that we have is for Partnership and to accelerate and incentivise Gas Production in pursuit of the Energy Transition,” he said.

Pouyanne, the Global CEO of Total Energies Worldwide, said that Nigeria was “very important” for Total Energies, accounting for 8 to 10 per cent of the Company’s Worldwide Total Production and over 18 per cent of its Global Investment.

“Mr President, we are ready to invest $6bn in the coming years. We are looking extensively at more Deepwater Production and Gas Production opportunities across the terrain.

”We welcome your Policies and your personal commitment to ensuring that all required Fiscal Incentives are provided while security issues are tackled. Everything is here.

“We just need to conclude with the tweaks and changes necessary to unlock the outstanding potential in both Oil and Gas,” he said.

Pouyanne also highlighted the Company’s commitment to maintaining its zero-flaring position in Nigeria to both heal the Environment and monetise all available Gas Resources in support of Nigeria’s Energy Transition Plan.