Total Energies targeting a 25% Oil and Gas portfolio by 2050

Chigozie Ikpo, Abuja

As transition remains a key conversation in the Energy industry, Total Energies has revealed its plan to invest in other Energy sources, hereby reducing its Oil and Gas reserve in its portfolio to 25% by the year 2050.

Total Energies is seeking to have 50% of its portfolio dedicated to Electricity, while other forms of energy will have the remaining 25%.

Speaking on Wednesday, during a Panel Discussion at the Nigerian Oil and Gas (NOG) Conference 2023, Country Adviser (Multi-Energies), Total Energies, Adewale Fayemi said Total Energies is positioning itself to lead the way in transiting to other energy forms including renewables.

The Panel Discussion titled “Defining the Roadmap for the Future of Nigeria’s Upstream Sector”, focused on building a sustainable future for the energy sector, starting from the upstream companies.

Adewale said” In 2021, the company changed its name from Total, to Total Energies, to emphasize the fact that we are a broad based energy company that invests in other forms of energy apart from Oil and Gas.

“In Nigeria, with what we have done over the last 10 years, you can say that we are the most active IOC in the country. We delivered Ejina Project in 2018, the only project delivered after that is the Ikike project in 2022 and we are about launching our multi-energy strategy in Nigeria, as a matter of fact, I came back to lead this effort for the company.

“Today, we have about 50% in Oil and Gas in our portfolio, in 2050; what is going to happen is that the portfolio of Total Energies will have only 25% of Oil and Gas, 50% Electricity and 25% of new molecules, like hydrogen, biomass and the rest, and this is worldwide. As you can see today, we are investing heavily in biomass, hydrogen all across the world, but not yet in Nigeria.

“Our multi-strategy is to move from Oil and Gas to other energy sources including local base solution, renewables and all that.

“Currently, over 50% of our petrol stations are solarized and we are going to take a bigger look in that area.

Responding to climate change questions, Adewale said Total Energies is changing its model globally, to produce low carbon energy.

“We aim to achieve Net Zero by 2050, in Nigeria, we have demonstrated huge commitment to the environment, all our facilities are ISO 480001 certified, both Oil and Gas installation offices

“Very recently, with our NNPC partners, we earn revenue from carbon credit, which shows that we are taking the lead in that aspect.

“When it comes to flaring, I am proud to announce that in Total Energies, before the end of this year, there will be no routine flaring in any of our installations.