Galaxy Television Menu

President Tinubu: Our Interventions In Oil And Gas Sector Will Safeguard And Enhance Value Of Investments

President Tinubu: Our Interventions In Oil And Gas Sector Will Safeguard And Enhance Value Of Investments

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).

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

The President 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 (NNPCL).

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

In his remarks, 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% 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 to include: "the conversion, under the Petroleum Industry Act, of all the NNPCL/Chevron Nigeria Limited Joint Venture (JV) Oil Mining Leases (OMLs) and Agbami OML 127 to Petroleum Mining Leases and Petroleum Prospecting Licenses (PPLs); entry into OPL 215 block to boost deep-water development opportunities; signing of 20-year renewal of three Deep water leases; commencement of seismic data acquisition in several Deep water 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".

Mr. Neff further informed President Tinubu that Chevron’s average annual tax and royalty remittances over the past three years had reached $3.4 billion.

Related Articles

The following 6 pages may interest you as well: