Nigerian President Bola Tinubu has pledged to provide interventions in the country’s oil and gas investments per the Petroleum Industry Act (PIA) provisions, according to local reports.
While receiving a delegation award from Chevron International Exploration and Production company at the Presidential Villa in Abuja on Tuesday, Tinubu promised to strengthen the long-standing partnership with the multinational company.
”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, as reported by the Daily Times.
Tinubu highlighted Chevron’s investments in shallow and deepwater operations in Nigeria. The president noted that the Nigerian National Petroleum Company (NNPC) is currently under operations with Chevron’s $1.4bn drilling project.
Clay Neff, president of Chevron International Exploration and Production, also stressed the company’s contributions to domestic gas supply and the delivery of 25% gas through a joint venture with the NNPC.
Additionally, TotalEnergies announced its commitment to business opportunities in Nigeria in December 2023. The company co-signed a cooperation agreement with the NNPC to conduct methane detection and measurement campaigns on oil and gas facilities in the country using its advanced drone-based AUSEA technology.
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Resource-rich Nigeria has been seeking foreign investment. Tinubu has highlighted the country’s need for global capital and foreign direct investment in key labour-intensive sectors of Nigeria’s economy.
While Tinubu’s administration has also addressed the need to transition towards greener energy, the government continues to ramp up oil and gas investments to “grow revenue and stabalise” the country’s economy.
“President Bola Tinubu is dedicated to enhancing the investment environment in Nigeria, positioning us as the preferred destination in Africa for the energy sector,” said Olu Verheijen, Special Adviser to the President.
Ahead of the Nigerian elections in 2023, Tinubu had promised to phase out expensive fuel subsidies and triple oil production to help accelerate growth in Africa’s biggest economy if he won the elections.