The President renews call for domestic oil production.
President Tinubu recently played host to the top hierarchy of oil giant, Chevron in Aso Rock amid calls for renewed investments in the Nigerian oil and gas sector.
The meeting which was held in the state house was attended by the President of Chevron International Exploration and Production (CIEP), Clay Neff, the outgoing Chairman and CEO of Chevron Nigeria, Rick Kennedy, and his successor, Jim Swartz.
Swartz takes over from Kennedy as the chairman and managing director of Chevron Nigeria/Mid-Africa Business Unit, effective April 1, 2024.
President Tinubu expressed delight at Chevron’s interest in the shallow and deep-water operations in Nigeria and specifically emphasised the ongoing $1.4 billion drilling project in collaboration with the Nigerian National Petroleum Company Limited (NNPCL).
The President also announced plans to provide the needed interventions to the oil and gas industry in line with the provisions of the Petroleum Industry Act (PIA) to enable the smooth operation of the industry.
Recall the president, while meeting with group chairman and chief executive officer (CEO) of Total Energies, Patrick Pouyanne last year had said his administration was focused on removing all anti-investment hindrances in the country.
The President’s meeting with oil giants seeks to strengthen the country’s position as an oil-producing country, a move aimed at increasing production and providing higher income for the country.
Chevron has operated for over 60 years in Nigeria and plays a significant part in the country’s petroleum sector as one of the country’s largest natural gas suppliers and a key player in West African energy infrastructure.
Speaking, Neff said Chevron’s interests in Nigeria were still valid as it hoped to strengthen its partnership with the country to unlock further oil and gas potential, tapping into the nation’s “tremendous human capacity.”
Neff, while highlighting the company’s contributions to domestic gas supply, also pledged Chevorn’s plans to continue to operate in full adherence to the highest standards, even as it meets its investment commitments in Nigeria.
