Victor Ezeja
President Bola Tinubu has reiterated his administration’s commitment to providing the needed interventions to safeguard and enhance investments in Nigeria’s oil and gas industry.
He charged industry players to adhere to the provisions of the Petroleum Industry Act (PIA).
Join our WhatsApp ChannelAccording to a statement from presidential spokesman, Ajuri Ngelale, Tinubu made the promise when he received a delegation from the Chevron Corporation, led by Mr. Clay Neff, President of Chevron International Exploration and Production, on Tuesday in Abuja.
According to Ngelale, President Tinubu said Nigeria would deepen its long-standing alliance with Chevron in accordance with the changing dynamics of the oil and gas sector.
With reference to Chevron’s ongoing $1.4 billion drilling project with the Nigerian National Petroleum Company Limited (NNPCL), the President praised the company’s commitment to increasing its investments in shallow and deepwater activities in Nigeria.
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Additionally, he praised Chevron for its commitment to lowering its carbon footprint in the nation.
”You must see the PIA as a legacy law. We assure you of quick interventions and turnaround on any issue you may have in your operations in our country.
”Nigeria is proud of the 60-year partnership with Chevron, and we believe this partnership will be strengthened to add mutually beneficial value for the benefit of your shareholders as well as the living standards and economic opportunities of our population,” President Tinubu said.
Mr. Neff promised that even while the firm fulfills its investment obligations in Nigeria, it will carry on operating according to the highest standards.
He emphasized the company’s contributions to the provision of gas in the country, pointing out that 25% of it is delivered through a joint venture with NNPC Limited.
Neff further stated that Chevron was increasing its investments in the nation with its recent efforts in a new phase of development, which included “the conversion, under the Petroleum Industry Act, of all the NNPCL/Chevron Nigeria Limited Joint Venture (JV) Oil Mining Leases (OMLs) and Agbami OML 127 to Petroleum Mining Leases and Petroleum Prospecting Licences (PPLs); entry into OPL 215 block to boost deep-water development opportunities; signing of 20-year renewal of three deepwater leases; commencement of seismic data acquisition in several deepwater leases; commencement of life extension work on the Agbami project, and, in partnership with NNPCL, securing of $1.4 billion financing to fund the NNPCL/CNL JV infill drilling programme between 2022 to 2026, which includes the drilling of 37 wells in the shallow offshore and onshore Escravos area and associated facilities.”
He also told President Tinubu that throughout the previous three years, Chevron had remitted $3.4 billion in average annual taxes and royalties.
”The bold steps you have taken since you assumed office are quite impressive. We are encouraged by our partnership of over 60 years, and we look forward, God willing, to continue that partnership for many decades to come.
”We are also looking at other opportunities as well, while operating with the best environmental practices. We will continue to grow our traditional oil and gas business because we know the countries where we operate are in need of those products, and the world needs those products,” he said.
