TotalEnergies enriches host communities with a $15 million fully-funded trust – NUPRC celebrates

TotalEnergies, a prominent oil major, has demonstrated its unwavering commitment to the development and welfare of its host communities by fully funding its host community development trust with an impressive sum of $15 million.

This remarkable initiative was disclosed by Engr. Gbenga Komolafe, the Chief Executive of the Nigerian Upstream Petroleum Regulatory Commission (NUPRC), during a pivotal meeting held on Monday, October 30. Mathieu Bouyer, the Managing Director of TotalEnergies, led a delegation of company officials to NUPRC, where discussions revolved around topics ranging from decommissioning and abandonment funds to the forthcoming projects in their area of operations.

Engr. Komolafe, in his address during the meeting, extended his commendation to TotalEnergies for this significant financial contribution, which is allocated to all five Host Communities Development Trusts (HCDTs), amounting to a total of $15 million.

This generous gesture underscores TotalEnergies’ deep commitment to fostering a harmonious relationship with its host communities and supporting their socio-economic development. Notably, TotalEnergies emerges as the first among the International Oil Companies (IOCs) operating in Nigeria to achieve such a milestone.

Additionally, Engr. Komolafe expressed his satisfaction with TotalEnergies for consistently adhering to operational guidelines within the Nigerian Oil and Gas fields. This demonstrates TotalEnergies’ unwavering commitment to conducting their operations responsibly and in accordance with established regulatory standards. The Chief Executive of the Commission further emphasized the NUPRC’s determination to promote stability within the Nigerian Oil and Gas Sector, while also striving to attract more investments into this crucial sector.

Furthermore, Engr. Komolafe highlighted TotalEnergies’ significant achievement of producing three billion barrels over the course of its six-decade-long presence in Nigeria. This is indeed a remarkable milestone, underscoring the company’s substantial contributions to the nation’s oil and gas production. It also highlights TotalEnergies’ role in driving economic growth and energy security in Nigeria.

In the context of addressing environmental concerns, particularly gas flaring reduction and decarbonization, Engr. Komolafe acknowledged TotalEnergies’ steadfast efforts in complying with clean operation regulations. Notably, TotalEnergies is recognized for its exemplary gas flare reduction project on OML 100, marking yet another pioneering achievement in the industry. This reflects TotalEnergies’ commitment to sustainable and environmentally responsible energy practices.

The NUPRC is actively engaged in formulating policies aimed at enhancing business opportunities in the Upstream sector through automated regulatory processes. A primary focus of these efforts is reducing the unit cost of production per barrel. Engr. Komolafe praised TotalEnergies for being the first company to undergo conversion under the Petroleum Industry Act (PIA) conversion provision. This demonstrates TotalEnergies’ proactivity in aligning with the evolving regulatory landscape and their dedication to remaining in compliance with the law.

In response to these accolades and affirmations of support, TotalEnergies’ Managing Director, Mathieu Bouyer, reiterated the company’s readiness to collaborate with the Nigerian Upstream Petroleum Regulatory Commission. TotalEnergies is committed to expanding its investments while maintaining strict adherence to the regulatory framework. This reaffirms the company’s dedication to making positive and sustainable contributions to the Nigerian Oil and Gas industry.

To further reinforce the commitment to this partnership and to ensure the stability and security necessary for oil production projects, Heineken Lokpobiri, the Minister of State for Petroleum Resources, has assured TotalEnergies of the government’s support. He conveyed this assurance during a meeting with representatives of TotalEnergies. In his address, Minister Lokpobiri emphasized the Tinubu administration’s dedication to sustaining a secure, regulated, and fiscally enabling environment that facilitates the company’s projects and aids in the increase of oil production within the country.

During the meeting held on October 28, Minister Lokpobiri highlighted President Bola Ahmed Tinubu’s strong determination to address any concerns brought forward by TotalEnergies in the oil sector. The government, he noted, highly values the partnership and presence of the company and recognizes the pivotal role it plays in the nation’s energy landscape. Minister Lokpobiri further emphasized the importance of providing a safe and supportive environment for businesses to thrive, reaffirming the government’s active efforts to create such a space for investments and operations.

In conclusion, TotalEnergies’ significant financial commitment to its host community development trust and its continuous efforts to adhere to operational guidelines have positioned the company as a pioneer in the Nigerian Oil and Gas sector. The NUPRC’s dedication to regulatory enhancements and TotalEnergies’ proactive engagement with the evolving regulatory landscape demonstrate the commitment of both the government and the company to fostering a mutually beneficial and sustainable partnership. This partnership holds the promise of not only boosting oil production but also contributing to the overall economic growth and energy security of Nigeria.