The Deputy Managing Director, Deepwater Assets, TotalEnergies Nigeria, Victor Bandele, has called on the Nigerian Government to ensure that right policies and clement environment are entrenched in the nation’s oil and gas industry in order to provide a compelling rationale to retaining investors in the sector.
Bandele stressed the need for greater efficiency and collaboration for the energy industry in Nigeria to be not only competitive but attract investments, explaining that the right environment increases the appetite to invest.
Speaking during a session of the 2025 Sub-Saharan Africa International Petroleum Exhibition and Conference, themed “Building Africa’s Future”, Bandele and other company executives shared perspectives on Driving Africa’s Energy.
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.
While expressing optimism that oil and gas, which Africa needs for its development would remain relevant, Bandele 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. There is that big competition playing around the world. 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”, he said.
Responding to a commendation from NLNG about the company’s consistency in meeting its gas supply obligations, Bandele noted that TotalEnergies’ had achieved zero routine gas flare over a year ago and was committed to fulfilling its supply obligations and offering more with the FID on UBETA gas project.
According to him, 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 panel had the Chief Executive, Tsavo Oilfield Services Limited, Engr. Elisabeth Rogo, from Kenya, as moderator.
Other panelists were the Managing Director, AOS Orwell, Akeem Ariyo; Managing Director, Heirs Energies, Osayande Igiehon; General Manager, NLNG, Nnamdi Anowi; and the Chairman/Managing Director, Chevron Nigeria, Jim Swartz, represented by the General Manager, Wells, Chevron Nigeria, Mrs. Maureen Ikenedu.
Earlier in his address, the Minister of State, Petroleum Resources (Oil), Heineken Lokpobiri, noted the importance of consistency and predictability for the energy industry in Nigeria to attract investments and growth.
He stated that other African countries would learn a lot from Nigeria as the country had developed a lot of expertise and experience.
Lokpobiri further disclosed that the proposed African Energy Bank (AEB) would commence operations in the first quarter of 2025, with an initial capitalization of $5 billion.