Total energies targets investments in electricity, renewables

Total Energies, a global energy company has disclosed plans to invest in electricity and renewables especially in gas development to reduce greenhouse emissions.

Deputy Managing Director, Deep Water District, TotalEnergies EP Nigeria Limited, Victor Bandele, made the disclosure at the Nigerian Content Seminar held on the sideline of the 2022 NOG 4-day conference in Abuja.

In his address, he disclosed that the company, in its drive for energy mix, targets 50 per cent gas, 35 per cent oil production and 25 per cent electricity.

He said: “By 2050, the mix will be about 40 per cent of renewable power 40 per cent gas and liquid production should be reduced to 20 per cent.”

He stressed the need for investors to stake more interest in gas development as this is the transition fuel for Nigeria and Africa.

“So we are going to put more emphasis on gas development and do that is very pragmatic and deliberate means. To achieve these objectives, there is a responsible approach to fossil energy,” he added.

However, he said the company would continue to produce oil and gas but noted that this would follow a more responsible approach.

“the only difference is that there is a more responsible approach to that by focusing on value by selecting low-cost developments that are most efficient in terms of greenhouse gas emissions, that is the responsibility part.

“We will promote increasing the company in our energy mix with deliberate gas developments and we will be investing significantly in electricity and other renewables,” he added.

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