Nigeria's Oil Industry Needs Regulatory Boost to Drive Growth
Chevron Nigeria Limited's Chairman and Managing Director, Jim Swartz, emphasized the importance of a strong regulatory framework in the Nigerian oil and gas industry during the Petroleum and Natural Gas Senior Staff Association of Nigeria (PENGASSAN) Energy and Labour Summit.
Represented by Segun Kuteyi, Director of Operations and Chief Operating Officer, Chevron Nigeria and Mid Africa Region, Jim noted that Nigeria's strengths position it for sustained growth and competitiveness in a rapidly evolving global energy landscape.
A predictable, transparent, and efficient regulatory framework builds confidence, attracts investment, drives innovation, creates jobs, and supports economic growth,' he stated. Chevron has seen significant growth opportunities post-Petroleum Industry Act (PIA) 2021, with key drivers being exploration and new discoveries, infill drilling and brownfield optimisation as well as monetization and integrated developments.
The company's recent achievements include the renewal and conversion of its Joint Venture and Deepwater leases; continued investment in exploration, asset and gas development, and monetization; the acquisition of Deepwater block, Petroleum Prospecting License (PPL 2010); equity investments in Shell on Bonga Southwest/Aparo (BSWAP), ExxonMobil on Owowo/Usan and sustained social investments and community partnerships for over six decades.