Total will change its name to Total Energies next week in order to expand it activities into clean energy and electricity.
Mr. Mike Sangster, the company’s Chief Executive Officer, announced the news at the Petroleum Technology Association of Nigeria’s (PTAN) organized 5th Sub-Saharan African International Petroleum Exhibition and Conference (SAIPEC).
He said the company would change its name to concentrate on electricity during his virtual presentation titled “IOCs: Dynamics of SubSaharan Africa’s Energy, Oil please and Gas as we aspire to a low carbon future IOC perspective.”
According to him, Nigeria’s electricity market is currently very challenging. Explaining why the company has not done much renewable projects in Nigeria despite its $3billion yearly investment in renewable, Sangster said: “I think one of the reasons is the nature of renewable projects. We need to have Power Purchase Agreement for the electricity”.
He said that the company is looking forward to power and stability in the electricity sector so that it can invest in its solar projects and take advantage of the abundant sunshine. He stated that the company has plans to grow its electricity sector to the equivalent of 500,000 barrels of oil per day.
Mr. Sangster said
At the moment we produce 3million per day of oil equivalent of oil and gas. By 2030 we want to grow to 4million barrel equivalent for the company. We want to grow substantial electricity business which should be equivalent to half a million barrel per day. That is the big move in the strategy.
He said that gas has been monetized in Nigeria to reduce pollution, and that LNG is one of the solutions.
Total’s CEO also mentioned that the company has begun supplying gas to the Aloaji Power Plant as a result of its previous growth initiatives. He mentioned that the company has begun supplying gas to the Indorama plant for fertilizer production.
He recalled that Total increased supply and stopped flaring in 2014 as a result of the company’s commitment to ending gas flaring.
Total is working on a project with the Nigerian National Petroleum Corporation (NNPC) to eliminate flaring and reduce carbon intensity in the region, according to him.
Total has been building solar projects throughout the country since 2015 according to him, and has also expanded into other countries.
In the downstream market, he said 575 stations have been solarized to minimize emissions and ensure that all of the company’s projects in the country are zero-emission.