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).
Tinubu made the vow during a meeting with a delegation from the Chevron Corporation, led by the President of Chevron International Exploration and Production, Clay Neff, at the Presidential Villa in Abuja on Tuesday, January 23, 2024.
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.
He further 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).
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President Tinubu, according to a statement issued by his spokesman, Ajuri Ngelale, also commended Chevron for its dedication to reducing its carbon footprint in the country.
Tinubu said: “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.”
In his remarks, 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 added that Chevron was scaling up its investments in the country with its recent efforts in a new phase of development.
Neff further informed President Tinubu that Chevron’s average annual tax and royalty remittances over the past three years had reached $3.4 billion.
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