As part of the company’s move to become one of the world’s top five in renewables by 2030, French oil giant, TotalEnergies, formerly Total, has announced a new investment plan of $60 billion in Nigeria, a portion of which will be allocated toward the country’s renewables.
Executive General Manager for Total Country Services, Bumni Popoola-Mordi, says that the $60 billion investment will be allotted over a period of 10 years and will cover biofuel production, gas and power, biogas production, and electric vehicle charging stations.
Additionally, Popoola-Mordi announced that the company would increase its access rate in Nigeria from its current 5 million people to 12 million people by 2025 and added that TotalEnergies aims to increase biogas production from 500 GWh to 6,000 GWh by 2030, increase biofuel production from its current 0.3 million tons per year to five million tons per year by 2030 and invest in increasing the number of electric vehicles from 21,000 to 150,000 by 2025.
This investment disclosure follows an announcement made on 28 May 2021, informing that Total has transformed into TotalEnergies as part of the company’s active role in the global energy transition and their plans to combat climate change by reducing carbon emissions by 40% by 2030, with the goal of reaching zero carbon emissions by 2050. Popoola-Mordi noted that the TotalEnergies will soon commence rebranding its filling stations across Nigeria to reflect its new name, logo, and direction.
Country Communications Manager for Total Companies in Nigeria, Charles Ebereonwu noted Nigeria is key to TotalEnergies’ commitment to combating climate change due to its abundance of gas resources and sunlight for solar projects. He also said that 77 of the company’s filling stations in the country have been solarized and noted that TotalEnergies will play a key role in Nigeria’s Decade of Gas Development initiative.
Victor Bamidele, Deputy Manager of Deepwater Districts for TotalEnergies added that the company’s activities in Nigeria has contributed to the creation of jobs and provided many benefits to the country despite its challenging operational environment, noting that the company is currently investing in the development of the $500 million Ikike Offshore Oil Field Development Project.