The Chief Executive Officer (CEO) of TotalEnergies, Patrick Pouyanne, has cited inconsistency in policy making decisions as reason for the diversion of energy projects worth $6 billion from Nigeria to Angola.
Pouyanne, made this known in a panel with Africa CEO in Kigali, Rwanda.
He pointed out that Angola has a more stable policy framework.
In December 2023, TotalEnergies said it planned to invest $6 billion in energy projects in the country, targeting deep-water projects and gas production. Pouyanne had told President Bola Tinubu during a meeting in Abuja that the company was in support of his administration’s policies and push to resolve insecurity issues in the industry.
Nigeria contributes eight to 10% of TotalEnergies’ global output and is home to more than 18 per cent of its overall investments.
According to Pouyanne, although the Niger Delta is the most productive region in West Africa, the erratic policy environment had made investment untenable, noting that TotalEnergies has not conducted oil exploration in the region for 12 years.
He further pointed out that insecurity and the lack of human capital were two of the main issues facing investment in the country, adding that investors need the guarantee that their investments are secured and not exposed to violence and demolition.
