Chevron Urges Stronger Regulation to Attract Investment in Nigeria's Oil Sector

Chevron Nigeria Limited has called for stronger regulatory certainty and transparency in Nigeria's oil and gas industry, according to Jim Swartz, Chairman and Managing Director of Chevron companies in Nigeria and the Mid-Africa Region. Speaking at the Petroleum and Natural Gas Senior Staff Association of Nigeria (PENGASSAN) Energy and Labour Summit in Abuja on Wednesday, Swartz said a predictable business environment is critical to attracting investment and unlocking the sector's growth potential.

Nigeria's abundant oil and gas reserves, strategic location, and skilled workforce could position the country for sustained growth and competitiveness in the global energy market, Swartz noted. However, he emphasized that natural resources alone are insufficient to guarantee growth without an enabling investment environment.

The Chevron executive identified exploration and new discoveries, infill drilling and brownfield optimization, as well as monetization and integrated developments, as key areas driving the company's growth in Nigeria. He also highlighted Chevron's recent acquisition of Deepwater Block PPL 2010 and the company's equity investments in projects announced by Shell on Bonga Southwest/Aparo and ExxonMobil on Owowo/Usan.