By Obas Esiedesa

The Managing Director of Total Upstream Companies in Nigeria, Mr. Mike Sangster has declared the company’s support for Nigeria’s effort enact a new long term law for the oil and gas industry through the Petroleum Industry Bill (PIB).

He said the PIB should provide attractive terms for investors that are progressive and a win-win situation for all stakeholders.

Sangster stated this in his remarks at a virtual summit organized by the Society of Petroleum Engineers (SPE) Nigeria Council recently with the theme: Changing Global Energy Landscape: Re-positioning for Industry Sustainability.

He said globally Total is positioning for sustainability, declaring that “We wish to apply this approach in Nigeria as well with a focus on gas and low cost oil. We are keen to continue to invest in Nigeria and to contribute constructively to the ongoing debate about the Petroleum Industry Bill.

“We welcome the efforts being made by the authorities to define a long-term framework for the Oil and Gas Industry that provides clarity & certainty, but it must also provide attractive terms and a win/win solution for the country and investors in order to entice sufficient capital in an ever more competitive world.

“A progressive, win/win, PIB could be the catalyst needed for a new wave of investment in Nigeria instead of other countries and hence contribute to the sustainability of the Oil & Gas Industry”, he added.

He noted that the theme of the summit was apt given the impact of the Covid-19 pandemic on the oil and gas industry and the society at large.

Sangster observed that the pandemic forced lockdowns, tumbling oil and gas prices and generally crippling essential services.

“Firms have gone beyond lay-offs to declaring bankruptcy and shutting down. It forces a reexamination of our strategies for sustainability”, he added.

According to him, “even before this period of heightened concerns about the post COVID-19 era, firms and countries eager to reduce their carbon footprints had been out with strategies and an evolving energy mix in the shift towards cleaner energy.

“The challenge for companies like Total is to strike the right balance between enabling the energy transition by investing in new energies such as solar and wind power and continuing to provide oil and gas to meet the needs of our customers and society.

“Total wants to be part of the solution to climate change with a commitment to delivering affordable and clean energy to the population. We have made important investments locally in this area and implemented several initiatives that are already impacting the Nigerian energy landscape positively”.