Total set to adopt a new identity as it targets 2050 for carbon neutral
Joy Obakeye
The Managing Director of Total E&P Nigeria Limited, Mr. Mike Sangster, has said that Total had set a target to be carbon neutral by 2050.
He disclosed this during a virtual presentation titled “IOCs: Dynamics of SubSaharan Africa’s Energy, Oil, and Gas as we strive to low carbon future IOC perspective,” at the opening ceremony of the 5th Edition of the Sub-Saharan African International Petroleum Exhibition and Conference organized by the Petroleum Technology Association of Nigeria (PETAN), on Wednesday.
According to him, “The world was gradually moving towards renewable energy in line with the Paris Agreement of Climate Change, Total had set a target to be carbon neutral by 2050.”
Sangster explained that the IOC is also supplying gas to power and fertilizer plants and has deployed drone technology and other innovations to reduce gas flaring and carbon emissions in the country.
Explaining further, “Some of you may be aware that as from next week, we will change the name of the company from Total to Total Energy because we want to be involved in oil and gas and electricity”.
“We will change from an International Oil Company, IOC, to an International Energy Company in the next few weeks, which is in furtherance of this objective.”
“I think it one of the reasons is the nature of renewable projects. We need to have a Power Purchase Agreement for the electricity”.
“Total has been investing $3 billion annually on renewable energy across the world as it moves to maximize its global presence to transition into a key player in the sector.”
He stressed that the electricity sector in Nigeria at the moment is very challenging and there was a need for stability to encourage investors.
“The company looks forward to some strength and stability in the electricity market to be able to take advantage of its abundant sunshine to invest in its solar projects.”
He disclosed that the Petroleum Industry Bill currently before the National Assembly is the opportunity to put this right to help Nigeria develop its abundant oil and gas resources as the world moves to the energy transition, adding that gas also has a key role to play in reducing carbon emissions.
He said Total has been supportive of the Nigerian Government in its quest to boost gas utilization and is currently involved in the multi-billion dollar Nigerian Liquefied Natural Gas (NLNG) Train 7 project
Speaking earlier, the Chairman of the Petroleum Technology Association of Nigeria (PETAN) Mr. Nicolas Odinuwe, said that it is willing to collaborate and invest in opportunities across the entire value chain of the oil and gas industry in Africa.
“PETAN has been able to show that indigenous service companies can deliver. We are also an advocacy group that suggests and guides government decisions such as the Nigerian Content Development & Monitoring Board (NCDMB), Department of Petroleum Resources (DPR), and they also understand that there is a need to interact, dialogue, and collaborate to bridge any gap in the industry.
“What has worked for us in Nigeria shows that we have people who see our values. There are lots of values that will be derived when you work with indigenous companies.
“Ultimately, PETAN is fighting for Nigerian entrepreneurs and we will continue to do it and whenever there are new technologies in the oil and gas industry, you will see PETAN companies bringing these technologies into Nigeria, he said.
