In a move that sets a new industry standard, TotalEnergies, a major player in the oil sector, has committed a substantial $15 Million to fully fund the Host Community Development Trusts (HCDTs). The announcement came during a meeting between Engr. Gbenga Komolafe, the Chief Executive of the Nigerian Upstream Petroleum Regulatory Commission (NUPRC), and Mathieu Bouyer, the Managing Director of TotalEnergies, held on October 30.
TotalEnergies has made history by becoming the first International Oil Company (IOC) operating in Nigeria to fully support all five HCDTs. This not only underscores the company’s strong dedication to host communities but also solidifies its reputation as a responsible corporate citizen. Engr. Komolafe applauded TotalEnergies for this monumental achievement and commended the company for consistently adhering to operational guidelines in Nigeria’s oil and gas fields.
The meeting was an opportunity for Engr. Komolafe to emphasise the Commission’s unwavering commitment to fostering stability and attracting investments to the Nigerian oil and gas sector. He also acknowledged TotalEnergies’ impressive track record, with the company having produced an astounding three billion barrels during its six decades of operation in Nigeria.
TotalEnergies was further applauded for its substantial contributions to gas flaring reduction and decarbonation, with a notable achievement being the pioneering gas flare reduction project on OML 100. The Commission is actively working on policies aimed at streamlining the regulatory processes in the Upstream sector, with a focus on reducing production costs per barrel.
Engr. Komolafe also acknowledged TotalEnergies as the first company to convert under the Petroleum Industry Act (PIA) conversion provision. In response, Mathieu Bouyer, Managing Director of TotalEnergies, expressed the company’s dedication to further collaboration with the Commission, and expansion of their investments, always ensuring full compliance with legal requirements.
Heineken Lokpobiri, the Minister of State for Petroleum Resources, assured TotalEnergies of the government’s unwavering commitment to providing a secure and stable environment for their oil production projects. During a recent meeting with TotalEnergies’ representatives, Lokpobiri reiterated President Bola Ahmed Tinubu’s determination to address any concerns brought forth by the company in the oil sector.
The government greatly values TotalEnergies’ partnership and presence, emphasising the pivotal role of a secure and supportive environment for businesses to flourish. TotalEnergies can rest assured of continued government support for their investments and operations.