Chevron Calls for Strengthened Regulatory Framework in Nigerian Oil and Gas Industry

Chevron Nigeria Limited (CNL), operator of the Nigerian National Petroleum Company Limited and CNL Joint Venture, has emphasized the importance of strengthening the regulatory framework in the Nigerian oil and gas industry to enhance growth opportunities.

The company's Chairman and Managing Director, Jim Swartz, made this known while speaking at the Petroleum and Natural Gas Senior Staff Association of Nigeria (PENGASSAN) Energy and Labour Summit (PEALS) in Abuja recently. According to him, resources alone are not enough to guarantee success, and what makes the difference is the environment in which investments, businesses, and people operate.

A 'predictable, transparent, and efficient regulatory framework builds confidence; and confidence attracts investment, drives innovation, creates jobs, and supports economic growth,' Jim stated. He noted that Chevron's growth opportunities post-Petroleum Industry Act (PIA) 2021 have been enabled by regulatory reforms in the industry.

Chevron has achieved key milestones including the renewal and conversion of its Joint Venture and Deepwater leases; continued investment in exploration, asset and gas development, and monetisation; and the recent acquisition of Deepwater block, Petroleum Prospecting License (PPL 2010).