|French oil firm remains committed, yet adapting in recession-hit Nigeria
Total Exploration and Production Nigeria has invested over 10 billion US dollars in Nigeria in the past five years, company CEO Nicolas Terraz said Thursday.
The CEO said at a forum in Lagos, Nigeria's economic hub, that Total remains strongly committed to the developments of its activities in the country, and is working relentlessly to adapt to the current environment.
Oil-rich Nigeria officially entered a recession on Aug. 31, when official figures showed the second quarter GDP fell 2.06 percent year on year, after slipping 0.4 percent in the first quarter.
The company had added over 2.3 billion barrels of crude to Nigeria's production from 1966 to 2015, Terraz said.
According to him, the impact of the low oil price is not peculiar to Nigeria alone; the country is particularly affected as a large part of its revenue comes from the hydrocarbon sector.
Terraz said in addition to low oil price, Nigeria had also experienced a reduction in production volumes due to security issues.
"The government is facing revenue shortages. Oil and gas companies, on their part, have to adapt to the present realities," he said.