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President Bola Tinubu says his administration will continue to provide necessary interventions in the oil and gas industry in line with the provisions of the Petroleum Industry Act (PIA).
Receiving a delegation from Chevron Corporation, led by Clay Neff, Chairman of Chevron International Exploration and Production, in Abuja on Tuesday, President Tinubu said Nigeria would strengthen its long-standing partnership with the multinational company in line with the changing dynamics. in the oil and gas industry.
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The president welcomed Chevron’s commitment to leverage its investments in shallow and deep water operations in Nigeria, highlighting the company’s ongoing $1.4 billion drilling project with the Nigerian National Petroleum Company Limited ( NNPCL).
President Bola Tinubu received a delegation from the Chevron Corporation
He also praised Chevron for its dedication to reducing its carbon footprint in the country.
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”We must see the PIA as an inherited law. We assure you quick interventions and response to any problem 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 its shareholders, as well as the living standards and economic opportunities of our people,” President Tinubu said. .
In his comments, Neff pledged that the company would continue to operate with full adherence to the highest standards even as it fulfills its investment commitments in Nigeria.
He highlighted the company’s contributions to national gas supply, highlighting the delivery of 25 per cent of gas through a joint venture with NNPC Limited.
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He also said that Chevron was increasing its investments in the country with its recent efforts in a new phase of development that includes: “the conversion, under the Petroleum Industry Law, of all of the Oil Mining joint ventures (JV) of NNPCL/Chevron Nigeria Limited Leases (OML) and Agbami OML 127 for Petroleum Mining Leases and Petroleum Prospecting Licenses (PPL); entry into OPL block 215 to boost deepwater development opportunities; signing 20-year renewal of three deepwater leases; initiation of seismic data acquisition on several deepwater leases; commencement of life extension work on the Agbami project and, in association with NNPCL, raising financing of $1.4 billion to fund the infill drilling program of NNPCL/CNL JV between 2022 and 2026, which includes the drilling 37 wells in shallow waters offshore and on land. Escravos area and associated facilities.
President Bola Tinubu received a delegation from the Chevron Corporation
Neff further informed President Tinubu that Chevron’s average annual tax and royalty remittances over the past three years had reached $3.4 billion.
”The bold actions he has taken since taking office are quite impressive. We are encouraged by our 60+ year partnership and look forward, God willing, to continuing that partnership for many decades to come.
”We are also looking for other opportunities while operating with best environmental practices. We will continue to grow our traditional oil and gas business because we know that the countries where we operate need those products and the world needs them,” he said.
Ajuri Ngelale
Special advisor to the president
(Media and advertising)
January 23, 2024
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