• Thursday, February 22, 2024
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Oil giant Chevron eyes deeper ties as top brass visit Tinubu

Tinubu-4

President Bola Ahmed Tinubu met with executives from Chevron Corporation at the State House on Tuesday, signalling potential renewed momentum in the Nigerian oil and gas sector. Clay Neff, President of Chevron International Exploration and Production (CIEP), led the delegation alongside the outgoing Chairman and CEO of Chevron Nigeria, Rick Kennedy, and his successor, Jim Swartz.

The visit comes amid President Tinubu’s focus on attracting investment and boosting domestic energy production. With a 60-year presence in Nigeria, Chevron holds significant weight as one of the country’s largest natural gas suppliers and a key player in West African energy infrastructure.

In their discussions, Neff reportedly expressed Chevron’s interest in partnering with Nigeria to unlock further oil and gas potential, tapping into the nation’s “tremendous human capacity.” This aligns with President Tinubu’s emphasis on leveraging domestic resources for economic growth.

President Tinubu commended Chevron’s social investments in the 600 communities within its operational footprint while highlighting the environmental benefits of the company’s gas projects. He called for a strengthened partnership: “Nigeria is interested in investment for growth.”

Chevron’s flagship West African Gas Pipeline (WAGP), developed in partnership with the Economic Community of West African States (ECOWAS), is a prime example of regional energy cooperation. Supplying gas to Benin, Togo, and Ghana, WAGP underscores Nigeria’s potential as a key energy hub for the region.

The meeting between President Tinubu and Chevron executives suggests a potential recalibration of Nigeria’s energy strategy, focusing on attracting investment, maximizing domestic resource utilization, and promoting regional energy cooperation.

Whether this translates into concrete deals and increased production remains to be seen, but Chevron’s visit marks a significant step in that direction.