TotalEnergies has chosen Angola over Nigeria for a $6 billion energy project, citing inconsistent policymaking in Nigeria as the main reason.
CEO Patrick Pouyanne highlighted the lack of oil exploration in Nigeria’s Niger Delta for the past 12 years due to continuous legislative debates.
During the Africa CEO panel in Kigali, Rwanda, Pouyanne said that despite the Niger Delta’s status as West Africa’s most productive region, the volatile policy landscape has rendered investments unsustainable. He stated that in reality, the Niger Delta is the most prolific part of West Africa but because of debates over policies that are not concluded, there has not been a single exploration in Nigeria for 12 years. He said that there is a need to settle the legislative debates and have a framework on the table that investors can trust.
Pouyanne emphasized the need for stable and reliable policies to attract long-term investments. He also mentioned that security concerns and a shortage of skilled workers in Nigeria further deter investments.
Meanwhile, Angola’s stable policy environment was a key factor in TotalEnergies’ decision.
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