Chevron Seeks to Boost Nigeria’s Oil and Gas Potential in Meeting with President Tinubu

The energy company’s executives met with the Nigerian leader to discuss investment opportunities and collaboration in the oil and gas sector.

by Motoni Olodun

Chevron, one of the world’s leading energy companies, has expressed its interest in partnering with Nigeria to unlock further oil and gas potential, tapping into the nation’s “tremendous human capacity”. This was the message conveyed by Clay Neff, President of Chevron International Exploration and Production (CIEP), who led a delegation of Chevron executives to meet with President Bola Ahmed Tinubu at the State House on Tuesday.

The visit comes amid President Tinubu’s focus on attracting investment and boosting domestic energy production. Nigeria is Africa’s largest oil producer and one of the top 10 oil exporters in the world, with an average daily production of about 1.8 million barrels in 2020, according to the U.S. Energy Information Administration (EIA). However, the country’s oil and gas sector has faced several challenges in recent years, such as security issues, regulatory uncertainty, infrastructure constraints, and the impact of the COVID-19 pandemic.

Chevron, which has a 60-year presence in Nigeria, holds significant weight as one of the country’s largest natural gas suppliers and a key player in West African energy infrastructure. The company operates and holds a 40 percent interest in eight concessions in the onshore and near-onshore regions of the Niger Delta under a joint-venture arrangement with the Nigerian National Petroleum Corporation (NNPC). Chevron also has extensive interests in multi partner deepwater operations, including the Agbami Field, one of Nigeria’s largest deepwater discoveries, and the Usan Field.

In their discussions, Neff reportedly praised President Tinubu’s vision and leadership in transforming Nigeria’s economy and creating opportunities for its people. He also highlighted Chevron’s social investments in the 600 communities within its operational footprint, as well as the environmental benefits of the company’s gas projects. He said Chevron was committed to supporting Nigeria’s energy transition and diversification goals, as well as its efforts to curb gas flaring and enhance gas utilization.

President Tinubu commended Chevron’s contributions to Nigeria’s development and expressed his appreciation for the company’s long-term partnership. He said Nigeria was interested in investment for growth and welcomed Chevron’s involvement in the country’s oil and gas sector. He also called for a strengthened collaboration between Chevron and the NNPC to ensure the optimal exploitation of the nation’s hydrocarbon resources.

Chevron’s visit marks a significant step in the direction of revitalizing Nigeria’s energy sector, which is crucial for the country’s economic recovery and growth. According to the International Monetary Fund (IMF), Nigeria’s real GDP is projected to grow by 2.5 percent in 2021, after contracting by 1.8 percent in 2020. The IMF also noted that the recovery of the oil and gas sector, along with the implementation of structural reforms, would be key drivers of Nigeria’s economic performance.

As Nigeria seeks to harness its oil and gas potential for the benefit of its people and the region, Chevron’s renewed interest and engagement could signal a positive momentum for the sector and the country at large.

Source: Business Day

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