Wednesday , 21 February 2018
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EGINA Project: Total Upstream expresses commitment to grow investment

The Managing-Director and Chief Executive Officer, Total Upstream Companies in Nigeria, Mr. Nicolas Teraz has re-iterated the company’s commitment at continuously maintaining a policy that thrives on flow of investment among other International Oil Companies (IOCs) in the country.

Mr. Teraz, was speaking with newsmen in Uyo, Akwa Ibom State, during the just concluded 7th Practical Nigerian Content Forum, on the backdrop of dwindling oil prices amidst the multi-billion Dollars investment by Total Upstream Nigeria Limited (TUPNI), in EGINA Oil-field Project, which development started in 2013, as the third deep-offshore development South of Port-Harcourt, Nigeria.

He said, notwithstanding the intricacies in the polity and global oil prices, their investment in EGINA project was predicated on long term plans and the fact that, the company absolutely believes in the capacity and competencies of Nigerians.

According to him, ‘‘the policy of TUPNI basically, is to maintain a system that stream on flow of investment, and we need to also understand that, what matters is not the oil price during the construction phase of EGINA. What matters is, what was the oil price when we started the project?

‘‘Like others, we had no idea of what the oil prices is going to be in one month or year but, our business is a long term investment. We have a natural decline of prices, we need to make up this decline and continue to carry out our activities, as well as lay hands from our previous projects’’.

Also speaking, the Executive Secretary, Nigerian Content Development and Monitoring Board, NCDMB, Engr. Simbi Wabote praised Total Upstream team for the giant strides stating that, the accomplishment by the company showed the enormous contributions and support from the NCDMB.

‘‘Today, we are proud by some of the strides achieved on the EGINA project. I pray and also hope that, others that are coming behind them will also take the same kind of confidence. This time, not risks because TUPNI had taken all the risks on behalf of others’’, he said.

He also spoke on the mechanism put in place to grow the indigenous contractors in the oil and gas industry through the provision of $200 million Dollars intervention funds, as well as creating enabling environment for future investment in the country.

Engr. Wabote expressed optimism that, with the NCDMB Act which enables Nigerians participation in projects like EGINA, the board would stand its grounds to ensure that such projects are done in-country in line with its strategic plans and objectives to achieve 100 per cent indigenous integration agenda in the next10 years.

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