TotalEnergies Signals Billions in Fresh Investment for Nigeria’s Oil Sector
The President and CEO of TotalEnergies, Patrick Pouyanne, has announced the company’s readiness to invest billions of dollars in Nigeria’s oil sector, entering the ongoing oil bid round and underscoring a renewed interest in the country’s upstream industry. This development comes just months after Pouyanne revealed TotalEnergies had opted to allocate $6 billion towards energy projects in Angola, citing Nigeria’s unpredictable regulatory environment as a major deterrent.
During his recent visit to Gbenga Komolafe, Chief Executive of the Nigerian Upstream Petroleum Regulatory Commission (NUPRC), at the agency’s Abuja headquarters, Pouyanneconveyed TotalEnergies’ commitment to Nigeria. According to an NUPRC statement, the discussion centred on divestment, regulatory consent, and strategies to stabilise foreign investment within Nigeria’s petroleum sector. The two executives also addressed the Shell Petroleum Development Company Joint Venture, which remains a pivotal component in shaping future investment potential.
TotalEnergies has formally entered the latest bid round, a move the company says reflects both optimism and a determination to navigate Nigeria’s evolving regulatory landscape. “Mr. Pouyanne underscored TotalEnergies’ desire to gain insight into the NUPRC’s approach to contract types and the necessity of strategic partnerships within the bidding framework,” the statement said.
The French energy giant is also reportedly interested in Nigeria’s domestic crude oil supply requirements, which would align the company’s operational strategies with the government’s goals of increasing domestic energy production. Regulatory clarity on matters of decommissioning and abandonment remains a high priority for TotalEnergies, as the NUPRC advances its regulatory modernisation under Nigeria’s Petroleum Industry Act.
In response, Komolafe underscored the commission’s commitment to maintaining a business-friendly climate, adding that the NUPRC’s mission includes simplifying Nigeria’s regulatory framework to attract and sustain foreign investment. He said, “The NUPRC is developing new regulations aimed at streamlining operations and encouraging sustained foreign investment under the Petroleum Industry Act, to foster a robust and predictable environment.”
Pouyanne’s visit follows remarks he made earlier this year explaining why TotalEnergies had diverted substantial funds to Angola. Speaking at the Africa CEO panel in Kigali, Rwanda, he cited Nigeria’s lengthy policy debates and shifting regulatory frameworks as barriers to long-term investment. “Nigeria loves to open topics without closing them,” Pouyanne remarked at the time, noting that persistent legislative uncertainty had stalled oil exploration in the Niger Delta for over a decade. In contrast, he pointed to Angola’s stable policy landscape as a model for investor confidence, adding that the consistency enabled TotalEnergies to make large-scale commitments in Angola.
This pivot to Nigeria, however, suggests that TotalEnergiessees potential for greater regulatory clarity in the coming months. The company’s renewed interest is an optimistic signal for the Nigerian oil sector, which is looking to bolster investor confidence amidst global competition for energy investment.
