June 23, 2024
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OIL & GAS

Nigerian President Reiterates Commitment to Provide Needed Intervention in Oil and Gas Sector

Nigeria’s President, Bola Ahmed Tinubu, has assured Nigerians that his administration will do everything possible to provide the needed interventions in the country’s oil and gas industry in line with the Petroleum Industry Act (PIA).

Tinubu gave the assurance when he received a delegation from the Chevron Corporation, led by Clay Neff, the President of Chevron International Exploration and Production.

He said Nigeria would strengthen its long-standing partnership with the multinational company in line with the evolving dynamics in the oil and gas industry.

According to Energy News Africa, Tinubu welcomed Chevron’s commitment to building on its investments in shallow and deep water operations in Nigeria and specifically mentioned the company’s ongoing 1.4 billion dollar drilling project with the Nigerian National Petroleum Company Limited (NNPCL).

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He also commended Chevron for its dedication 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.

”Nigeria is proud of the 60-year partnership with Chevron, and we believe this partnership will be strengthened to a mutually beneficial value for the benefit of your shareholders as well as the living standards and economic opportunities of our population,” he said.

On his part, the President of Chevron International Exploration and Production, Mr 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 per cent gas through a joint venture with NNPC Limited.

He also said Chevron was scaling up its investments in the country with its recent efforts in a new phase of development.

”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 need those products, and the world needs those products,” he said.

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