Oil giant, Total, says it is changing its name to Total Energies to reflect the company’s operations in renewable energy and electricity.
CEO of Total, Mike Sangster who disclosed this at 5th Sub Saharan African International Petroleum Exhibition and Conference (SAIPEC) organized by the Petroleum Technology Association of Nigeria (PTAN), said Total will change its name to focus on electricity.
Explaining why the company has not done much renewable projects in Nigeria despite its yearly $3billion yearly investment in renewable, Sangster said: “I think it one of the reasons is the nature of renewable projects. We need to have Power Purchase Agreement for the electricity”.
According to him, the electricity market in Nigeria at the moment is very challenging.
He said the company looks forward to some strength and stability in the electricity market to be able to take advantage of its abundant sunshine to invest in its solar projects.
He disclosed the company has strategies to boost its electricity business to the equivalence of half a million barrel of oil per day.
According to him: “At the moment we produce 3million per day of oil equivalent of oil and gas. By 2030 we want to grow to 4million barrel equivalent for the company”.
Continuing, he said, “We want to grow substantial electricity business which should be equivalent to half a million barrel per day. That is the big move in the strategy”.
In Nigeria, he said there has been monetization of gas to reduce emissions, stating that LNG is one of the solutions.
