Pouyanne, speaking with panellists at the Africa CEO conference in Kigali, Rwanda, said that Angola has a more solid policy environment, which he believes any corporate concern should evaluate before investing.
Patrick Pouyanne, CEO of TotalEnergies, indicated that inconsistencies in governmental decisions resulted in the diversion of $6 billion in energy projects to Angola rather than Nigeria.
Although the oil multinational boss said the Niger Delta is the most productive region in West Africa, he noted that the erratic policy environment has made investment untenable.
TotalEnergies has not done oil exploration in the region in 12 years, according to Pouyanne, who also stated that “Nigeria loves to open topics without closing them”. He went on to say, “You love to debate. In Nigeria, there is always a new legislature enacting new petroleum laws. When there are such constant arguments, it is difficult for investors searching for long-term structure to decide which way to go.
In actuality, the Niger Delta is the most productive region in West Africa. However, as a result of these discussions, there has been no exploration in Nigeria for the past 12 years.” He went on to say, “It’s critical to have a debate, settle it, and present a structure that investors can rely on.
We have countries with perfectly integrated policies, such as Angola. So we went to Angola and announced a massive $6 billion deal at the beginning of the week because their structure is stable. “So we know where we’re going,” Pouyanne explained. Pouyanne also stated that instability and a lack of human capital are two of the most pressing concerns confronting the country’s investment community.