May 22, 2024
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OIL & GAS

Nigeria: TotalEnergies Fully Funded its Host Communities Trust with $15m

Engr. Gbenga Komolafe, the Chief Executive of the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) has revealed that TotalEnergies has fully funded its host community development trust with $15 million.

He made the revelation during a meeting with Mathieu Bouyer, the Managing Director of TotalEnergies on Monday, October 30.  Mathieu Bouyer led a team of his company’s officials to NUPRC for a discussion on issues of decommissioning and abandonment funds and future planned projects in their area’s operations.   

During the meeting, Komolafe praised TotalEnergies for fully funding all five Host Communities Development Trusts (HCDTs), totalling $15 million, showcasing their commitment to the host community.

Notably, they are the first among International Oil Companies (IOCs) operating in Nigeria to achieve this milestone, according to Nairametrics. 

The Chief Executive of the Commission also expressed satisfaction with TotalEnergies for consistently following operational guidelines within the Nigerian Oil and Gas fields. 

Engr. Komolafe underscored the Commission’s determination to promote stability and attract investment into the Nigerian Oil and Gas Sector.

He also highlighted TotalEnergies’ significant achievement of producing three billion barrels during its six decades of operations in Nigeria. 

In the context of gas flaring reduction and decarbonization, Engr. Komolafe acknowledged TotalEnergies’ efforts in complying with clean operation regulations. TotalEnergies is notably recognized for its gas flare reduction project on OML 100, marking another pioneering achievement in the industry. 

The Commission is actively working on its policy to open up business opportunities in the Upstream sector through automated regulatory processes, with a focus on reducing the unit cost of production per barrel.

Engr. Komolafe also commended TotalEnergies for being the first company to convert under the Petroleum Industry Act (PIA) conversion provision.  

In response, TotalEnergies’ Managing Director, Mathieu Bouyer, expressed their readiness to collaborate with the Commission and expand their investments while maintaining strict compliance with the law.

This demonstrates their commitment to furthering their positive contributions to the Nigerian Oil and Gas industry. 

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