TheCable

President Bola Tinubu says his administration will continue to provide the needed interventions in the oil and gas industry in line with the provisions of the Petroleum Industry Act (PIA).

The president spoke when he received a delegation, led by Clay Neff, president of Chevron International Exploration and Production, on Tuesday in Abuja.

According to a statement by Ajuri Ngelale, the presidential aide on media and publicity, Tinubu said the country plans to deepen its partnership with the multinational company in accordance with the evolving oil and gas industry dynamics.

He welcomed Chevron’s commitment to build on its investments in shallow and deep water operations in Nigeria, commending the company’s ongoing $1.4 billion drilling project with the Nigerian National Petroleum Company (NNPC) Limited.

The president also lauded Chevron for its commitment to reducing its carbon footprint in the country.

”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,” Tinubu said.

”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.”

‘CHEVRON WILL CONTINUE TO UPHOLD HIGHEST STANDARDS’

In his remarks, Neff said the company would continue to uphold the highest standards of operations while fulfilling its investment obligations in Nigeria.

He highlighted the firm’s contributions to domestic gas supply, noting the delivery of 25 percent gas through a joint venture with NNPC.

Additionally, he said Chevron is increasing its investments in the country in line with its recent efforts in a new phase of development.

He said the investments include the conversion, under the PIA, of all the NNPC/Chevron Nigeria Limited joint venture (JV) oil mining leases (OMLs) and Agbami OML 127 to petroleum mining leases and petroleum prospecting licences (PPLs).

Others, he said, are entry into “OPL 215 block to boost deep-water development opportunities; signing of 20-year renewal of three deepwater leases; and commencement of seismic data acquisition in several deepwater leases”.

Neff said the oil firm also commenced “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”.

Neff said over the previous three years, Chevron had remitted $3.4 billion in average yearly 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,” he said.

The Chevron president said the organisation is looking at other opportunities while operating with the best environmental practices.

Neff added that the firm 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”.