The Executive Secretary of the Board, Simbi Wabote, stated this while receiving the Managing Director of Total E&P, Mr. Mike Sangster at the Nigerian Content Tower, headquarters of the NCDMB in Yenagoa, Bayelsa State. He commended Total for sustaining its investments in Nigeria.
While congratulating the Total MD for emergence the Chairman of the Oil Producers Trade Section (OPTS) – the umbrella body of major oil producers – Wabote observed Total deserves the position because Total E&P was the only international operating company that had taken Final Investment Decisions and sanctioned major oil and gas projects in recent times in Nigeria despite the delayed PIB.
While expressing confidence in the determination of the 9th National Assembly to pass the PIB after it had been delayed for over 15 years, Wabote encouraged other IOCs to forge ahead with their new projects.
Earlier, the Total MD had remarked that the company had operated in Nigeria for 60 years and is the only IOC that operates in the upstream, midstream and downstream sectors of the Nigerian oil and gas industry.
He indicated that the company developed the last three Floating Production Storage and Offloading (FPSO) platforms in Nigeria and Egina created new records, one of which is recording 40 million man-hours in-country.
Sangster also reported that the company had made significant progress with the development of the Ikike Oil Field and would record its first oil before the end of 2021.
However, he was quick to admit that it had been difficult developing the project, particularly with the pandemic.
Commenting on the PIB, which underwent a public hearing in the National Assembly in January, the OPTS lead advised federal legislators and policymakers to ensure that the fiscal provisions in the law are fair to key stakeholders, to stimulate new investments in the industry.