TotalEnergies CEO Patrick Pouyanne reveals why the company chose Angola over Nigeria for a $6 billion energy project. Pouyanne highlights Nigeria's policy inconsistencies and security issues, emphasizing stability for long-term investments.
During a recent Africa CEO panel in Kigali, TotalEnergies CEO, Patrick Pouyanne, disclosed the rationale behind the company's significant $6 billion energy project investment in Angola instead of Nigeria.
Pouyanne pointed to Nigeria's inconsistent policymaking decisions and security challenges as primary factors influencing TotalEnergies' decision. He emphasized that while the Niger Delta remains a prolific energy region in West Africa, the lack of stability in Nigeria's policy framework has hindered investment opportunities. Pouyanne highlighted the importance of regulatory certainty for long-term investments, contrasting Nigeria's ongoing policy debates with Angola's more stable framework.
Additionally, Pouyanne addressed security concerns, noting that investors require assurances of safety and stability for their investments. He underscored TotalEnergies' commitment to investing in human capital development, including talent acquisition and training initiatives to address skill shortages in the oil and gas sector.
The decision to prioritize Angola for the $6 billion project reflects TotalEnergies' strategic focus on sustainable growth and operational efficiency amidst the evolving energy landscape in West Africa.
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