The management of Total Exploration and Production Nigeria Ltd has taken the position that despite the presence of oil and gas majors in the Nigerian turf, the country remains very risky for business.

The company points at what it described as uncompetitive fiscal terms, increasing cost, unsettled deep water disputes, and upcoming deep-water lease expiry, as some of the issues that contribute to increase the risk for investors and prevent new investments in Nigeria’s oil and gas industry.

Speaking yesterday at a management session of the virtual conference of the Nigerian Association of Petroleum Exploration (NAPE) managing director of Total Exploration and Production Nigeria Limited, Mike Sangster, said the $3billion invested in Nigerian projects which took Final Investment Decision (FID) between 2015 and 2019 represents 5% of all oil and gas funds invested in Africa.

“No major investment decision was taken in Deepwater Nigeria between 2015 and 2019, despite a number of available potentially viable projects. He said Total supports Nigeria’s efforts being made to define a long-term framework for the oil and gas industry that provides clarity and certainty as well as attractive terms which translate to a win-win solution for the country and investors.

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Source: OrientEnergyReview