- Insists Efficiency and Collaboration Key to Africa’s Energy Security
TotalEnergies’ Plc has disclosed it achieved zero routine gas flare over a year ago and was committed to fulfilling its supply obligations and offering more with the Final Investment Decision (FID) on the UBETA gas project.
This disclosure was made by the company’s Deputy Managing Director (DMD) Deepwater Assets, Engr Victor Bandele on Day one of the ongoing Sub-Saharan Africa International Petroleum Exhibition and Conference (SAIPEC) with the theme ‘Building Africa’s Future’.
He noted this while responding to a commendation from NLNG about TotalEnergies’ consistency in meeting its gas supply obligations.
Bandele, who joined other company executives to share perspectives at a panel session of SAIPEC on the topic “Driving Africa’s Energy”, on Tuesday, February 11, 2025; also stressed the need for greater efficiency and collaboration for the energy industry in Nigeria to be competitive and attract investments.
The session highlighted how African IOCs and independents are navigating the complexities of the oil and gas industry, with insights on strategic developments and portfolio management.
He indicated that the speed with which the FID on UBETA was taken, few months after an executive order with the right incentives, was an index to the fact that the right environment enables a large appetite for investments.
The right environment increases Investment Appetite in Oil and Gas Industry – Bandele
While expressing optimism that oil and gas which Africa needs for its development would remain relevant, the oilman noted the heightened level of competition for resources as it impacts the industry. “There’s a lot of competition going on worldwide. There is competition within us in the country. Extrapolate a bit, there is big competition for investments in Africa; and also around the world,” he said.
He explained that as a result, investment designated for one region could go to another. “So, we need to be desperate for projects that are ongoing to meet efficiency in costs, delivery and sustainability”, Bandele added.
This is an affirmation of an earlier remark by the Minister of State, Petroleum Resources (Oil), Heineken Lokpobiri who noted the importance of consistency and predictability for the energy industry in Nigeria to attract investments and grow.
The Oil Minister, in his address hinted that other African countries could learn a lot from Nigeria as the country had developed a lot of expertise and experience. The minister also disclosed that the proposed African Energy Bank (AEB) will commence operations in the first quarter of 2025, with an initial capitalization of $5 billion.
With Engr Bandele on the panel were the Chief Executive of Tsavo Oilfield Services Limited, Engineer Elisabeth Rogo, from Kenya, as moderator. Other panelists were Mr. Akeem Ariyo, Managing Director, AOS Orwell; Osayande Igiehon, Managing Director, Heirs Energies; Nnamdi Anowi, GM Production, NLNG; and the Chairman & Managing Director of Chevron Nigeria, Jim Swartz represented by the General Manager, Wells, Chevron Nigeria, Mrs Maureen Ikenedu.
