President Bola Ahmed Tinubu, has welcomed Chevron Corporation commitment to build on its investments in shallow and deep water operations in Nigeria, specifically highlighting the ongoing $1.4 billion drilling project with the Nigerian National Petroleum Company Limited (NNPCL).
The President has also assured the Multinational company of his administration’s commitment 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 on Tuesday in Abuja when he received a delegation from the Chevron Corporation, led by Mr. Clay Neff, President of Chevron International Exploration and Production.
President Tinubu further pledged Nigeria’s readiness to strengthen its long-standing partnership with the multinational company, Chevron Corporation in line with the evolving dynamics in the oil and gas industry.
The President 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 add mutually-beneficial value for the benefit of your shareholders as well as the living standards and economic opportunities of our population,” President Tinubu said.
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 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 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 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.”
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.
”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.
(VON/vitalnewsngr.com)