Government Commitment to Oil and Gas Industry Highlighted by President Tinubu
President Bola Tinubu has underscored his administration’s commitment to providing essential support and interventions in the oil and gas industry in line with the provisions of the Petroleum Industry Act (PIA). This statement was made during a meeting with a delegation led by Clay Neff, President of Chevron International Exploration and Production, in Abuja.
Tinubu conveyed his intention to further the country’s partnership with Chevron as the oil and gas industry continues to develop. He lauded Chevron for its investments in shallow and deep water operations in Nigeria, particularly commending the company’s ongoing $1.4 billion drilling project with the Nigerian National Petroleum Company (NNPC) Limited. Additionally, Tinubu praised Chevron’s commitment to reducing its carbon footprint in the country.
He assured Chevron of the government’s swift interventions and resolutions for any operational issues that may arise in Nigeria. Tinubu highlighted the extensive 60-year partnership between Nigeria and Chevron, expressing confidence that this collaboration will continue to add value for both parties.
In response, Clay Neff reaffirmed Chevron’s commitment to upholding the highest standards of operations while fulfilling its investment obligations in Nigeria. He outlined the company’s contributions to domestic gas supply and its increasing investments in Nigeria, including the conversion of oil mining leases and petroleum prospecting licenses, entry into new blocks, renewal of deepwater leases, and ongoing seismic data acquisition.
Neff also mentioned Chevron’s life extension work on the Agbami project and the securing of significant financing for drilling programs. He further highlighted the company’s tax and royalty contributions, as well as its focus on environmental sustainability and its commitment to growing the traditional oil and gas business to meet global demand.
Both parties expressed optimism about the continuation of their partnership and the exploration of future opportunities in the oil and gas sector.
President Tinubu’s affirmation of the government’s support for the oil and gas industry, particularly in collaboration with leading multinational companies like Chevron, reflects a crucial aspect of Nigeria’s economic development. The commitments made by both President Tinubu and Chevron bode well for the industry’s growth and the country’s economic prosperity. The government’s proactive approach and the company’s ongoing investments are positive indicators for the future of the oil and gas sector in Nigeria.
