By Moses Uwagbale
The Managing Director, Total Exploration and Production Limited, Mr Mike Sangster, says the company targets to achieve a net zero carbon emission in production as a responsible energy major company by 2050.
Sangster said this at the virtual Nigeria Energy Industry Transformation Summit (NEITS), organised by the Society of Petroleum Engineers (SPE), on Tuesday.
The theme of the summit is “Challenging global energy landscape: Strategies for industry sustainability”.
“At the group level, Total’s ambition is to become the responsible energy major and to get to Net Zero carbon emissions by 2050.
“This consists of three major steps: Net Zero on Operations by 2050 or sooner (scope 1+2), Net Zero in Europe by 2050 or sooner (scope 1+2+3), 60% or more Net Carbon Intensity reduction by 2050 (scope 1+2+3),” he said
According to him, in order to achieve these objectives, Total has identified some key initiatives such as promoting the use of natural gas, biogas and hydrogen.
He gave them as “investing in low carbon electricity, mainly from renewables, investing in low cost oil and biofuels, investing in carbon sinks that are essential to achieving carbon neutrality, either nature-based solutions or carbon capture and storage’’.
“I hope I have convinced you that TOTAL is strongly positioning for sustainability,” he added.
He noted that the company would apply this approach in Nigeria as well with a focus on gas and low cost oil.
He added that total remained keen to continue to invest in Nigeria and to contribute constructively to the ongoing debate about the Petroleum Industry Bill (PIB).
“We welcome the efforts being made by the authorities to define a long-term framework for the Oil and Gas industry that provides clarity and certainty.
‘’But it must also provide attractive terms and a win/win solution for the country and investors in order to entice sufficient capital in an ever more competitive world.
“A progressive, win/win, PIB could be the catalyst needed for a new wave of investment in Nigeria instead of other countries and hence contribute to the sustainability of the Oil & Gas industry.
“It is my expectation that this summit will come up with ideas and implementable decisions which can guide both industry and government in repositioning Nigeria’s oil and gas industry for sustainability,” he added.
Commenting on energy transition, Sangster said that the company would continue to strike balance between enabling the energy transition by investing in new energies such as solar and wind power and continuing to provide oil and gas to meet the needs of customers and society.
