The Managing Director and Chief Executive Officer of TotalEnergies EP Nigeria, Mr. Matthieu Bouyer, has said that Nigeria’s Petroleum Industry Act (PIA) has significantly improved transparency and reduced investment risks in the country’s oil and gas sector.
Bouyer, who spoke during a panel session at the Sub-Saharan Africa International Petroleum Exhibition and Conference in Lagos, said the reform has helped create a more predictable business environment, enabling companies to convert resources into bankable and executable projects.
Represented by the Executive Director, Strategy, Business and Asset Management, Mr. Abiodun Afolabi, he described Nigeria’s investment climate over the past three years as “phenomenal,” attributing the progress to government commitment and stronger regulatory institutions, particularly the Nigerian Upstream Petroleum Regulatory Commission (NUPRC).
According to him, Nigeria’s challenge had historically been above-ground risks rather than resource availability, noting that the country holds about 50 billion barrels of oil and over 200 trillion cubic feet of gas.
Bouyer disclosed that TotalEnergies has advanced key projects including the Ubeta gas project, implemented in 2024, with execution expected by 2027, while the Ima project could reach Final Investment Decision in 2026 with potential start-up by 2029.
He also highlighted Nigeria’s 2024 licensing round as evidence of improved transparency and stressed the importance of partnerships with indigenous companies to accelerate development.
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The TotalEnergies boss reiterated that gas remains a major opportunity for Nigeria’s energy future, but emphasised that infrastructure development and market expansion are critical to unlocking its full potential.
He added that the company is also reducing its environmental footprint through elimination of routine gas flaring, methane monitoring, and renewable energy initiatives, including a 5-MW solar project at OML 58.
Bouyer expressed confidence that Nigeria’s improved regulatory framework will continue to attract investment and support long-term growth in the sector.
