Behind Closed Doors: A Closer Look At Tinubu’s Talks With Chevron Delegation

Behind Closed Doors: A Closer Look At Tinubu’s Talks With Chevron Delegation....KINDLY READ THE FULL STORY HERE▶

President Tinubu met with a delegation led by Chevron International Exploration and Production President, Clay Neff, at the State House in Abuja on Tuesday. In a statement from his spokesperson, Ajuri Ngelale, President Tinubu affirmed his administration’s commitment to implementing interventions in the oil and gas industry in line with the Petroleum Industry Act (PIA)……..CONTINUE READING

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Tinubu emphasized that the PIA should be regarded as a legacy law and assured quick interventions and resolutions for any issues Chevron may encounter in its operations in Nigeria. He expressed the intention to strengthen Nigeria’s enduring partnership with Chevron, aligning with the evolving dynamics in the oil and gas sector.

Acknowledging Chevron’s dedication to expanding investments in shallow and deep-water operations in Nigeria, President Tinubu praised the ongoing $1.4 billion drilling project with the Nigerian National Petroleum Company Limited. He also commended Chevron for its efforts to reduce its carbon footprint in the country.

Tinubu stated, “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 response, Clay Neff, the Chevron International Exploration and Production President, pledged the company’s commitment to operating in adherence to the highest standards while fulfilling its investment commitments in Nigeria. Neff highlighted Chevron’s contributions to domestic gas supply, including the delivery of 25% gas through a joint venture with NNPC Limited.

Neff informed President Tinubu of Chevron’s increased investments in the country, encompassing the conversion of joint venture oil mining leases and Agbami OML 127 under the Petroleum Industry Act. He detailed the company’s endeavors, such as the 20-year renewal of three deepwater leases, seismic data acquisition, life extension work on the Agbami project, and securing $1.4 billion financing for the NNPCL/CNL JV infill drilling program from 2022 to 2026.

Chevron’s President further conveyed that their average annual tax and royalty remittances over the past three years amounted to $3.4 billion. Neff commended President Tinubu for the bold steps taken since assuming office and expressed optimism about continuing the partnership for many decades, exploring additional opportunities while adhering to the best environmental practices.

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