Oil giant, Total is set to rebrand to Total Energies next week, in a bid to extend its operations to renewable energy and electricity.
The Chief Executive Officer, Mike Sangster made this known during his virtual presentation titled “IOCs: Dynamics of SubSaharan Africa’s Energy, Oil and Gas as we strive to low carbon future IOC perspective,” at the 5th Sub Saharan African International Petroleum Exhibition and Conference (SAIPEC).
He noted that the company will change its name to focus on electricity. “Some of you may be aware that as from next week, we will change the name of the company from Total to Total Energy because we want to be involved in oil and gas and electricity,” he said.
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”.