Tinubu Hails Chevron’s Commitment To Invest Further in Nigeria

Date:

Jan 24,2024.

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Nigeria President Bola Tinubu has given an assurance that his government will continue to provide the needed interventions in the oil and gas industry in line with the provisions of the Petroleum Industry Act (PIA).

Receiving a delegation from the Chevron Corporation, led by President of Chevron International Exploration and Production, Mr Clay Neff, on Tuesday at the State House, Abuja, the President said Nigeria would strengthen its long-standing partnership with the multinational company in line with the evolving dynamics in the oil and gas industry.

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

He also commended Chevron for its dedication to reducing its carbon footprint in the country.

His words: ”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.”

Speaking earlier, Neff pledged that the company would continue to operate in full adherence to the highest standards, even as it meets its investment commitments in Nigeria.

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

Chevron, he explained, was scaling up its investments in the country with its recent efforts in a new phase of development to include: “the conversion, under the Petroleum Industry Act, 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); 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”.

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 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. (www.naija247news.com)

 

 

Peter Okafor
Peter Okaforhttp://Naija247news.com
Peter Okafor Financial Journalist | Editor | Contributor Overview: Peter Okafor is a seasoned Financial Journalist, astute Editor, and valued Contributor at Naija247news Media Group. With an unwavering passion for dissecting complex financial landscapes, Peter has become a trusted name in delivering incisive and insightful coverage of economic events, market trends, and corporate dynamics. Professional Journey Peter's journey in financial journalism has been marked by a commitment to excellence. Joining the ranks of Naija247news, he has consistently demonstrated a keen understanding of the intricate interplay between finance and the global socio-economic fabric. Expertise: Specializing in financial markets, economic analyses, and business developments, Peter Okafor has honed his expertise over the years. His ability to unravel intricate financial narratives and present them in a comprehensible manner sets him apart in the world of financial journalism. Contributions As an Editor and Contributor, Peter has played a pivotal role in shaping the narrative of Naija247news. His contributions extend to thought-provoking articles, in-depth market analyses, and coverage of key events that impact the financial landscape. Educational Background: Peter holds a degree in Journalism, complemented by specialized courses in Finance and Business Reporting. His educational foundation has provided him with the tools to navigate the intricate world of financial journalism. Innovation and Adaptability: In an era of evolving media landscapes, Peter Okafor exemplifies innovation and adaptability. Leveraging digital platforms and emerging technologies, he ensures that financial insights reach a diverse audience, fostering financial literacy and awareness. Awards and Recognition: Peter's commitment to journalistic excellence has not gone unnoticed. He has been the recipient of several awards, recognizing his outstanding contributions to the field of financial journalism. Vision for the Future: Looking ahead, Peter Okafor envisions a future where financial journalism continues to empower individuals, shape economic policies, and drive positive change. His dedication to staying at the forefront of financial news underscores his commitment to this vision. Connect with Peter Okafor: - LinkedIn: [Peter Okafor](#) - Twitter: [@PeterOkafor_N247](#) In the dynamic realm of financial journalism, Peter Okafor stands as a stalwart, combining experience, expertise, and a forward-looking vision to illuminate the path of financial understanding for a global audience.

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