… Applauds NUPRC’s Role In Opening Up Oil And Gas Industry With Regulation
Chevron Nigeria Limited said it is excited about improved regulations for the oil and gas industry and will continue to partner with the Nigerian National Petroleum Company Ltd in developing gas resources in Africa’s biggest economy.
The Chairman and Managing Director of Chevron, Jim Swartz made the pledge during a panel discussion at the launch of the licensing round for 19 oil blocks by the Nigerian Upstream Petroleum Regulatory Commission (NUPRC).
The launch of the 19 oil blocks was organised as a side event at the 2024 Offshore Technology Conference in Houston, Texas USA.
During the discussion which was on ‘Sustainable Energy Solutions for Africa’s Future (Nigerian Perspective), the Chevron boss said the company will continue to invest in hydrocarbons to ensure a just energy transition.
He said, “We are very excited about the potential, we are very excited about what the government has done to put in place a regulation that supports a predictable investment future. We are also excited about working with NNPC in developing the future of hydrocarbons. It is so important that we have a competitive predictable environment so we can get returns out.
“We are all looking to invest globally where there is a great opportunity for returns. Significant gas resources of the future can provide globally the resources needed. The oil fits in that perspective as well. The world is going to need that. In terms of energy transition, we think that it is a mobile problem for us. So we look at it inform of reliable, affordable and more cleaner.”
Swartz revealed that the company believes that there is still a future for hydrocarbons but he argued that the development of oil and gas should be done in a cleaner manner.
The Nigerian government has severally stated its commitment to a net-zero carbon emission but the government is of the opinion that it needs up to 20260 to transit.
However, the country hopes to transit with funds generated from the development of hydrocarbons.
Chevron MD said, “Chevron’s view is that the future holds a long-term view for hydrocarbons and the future is an energy system that is reliable, affordable and that is also clean.
“So, we think about how it relates to Nigeria is that Nigeria is an important piece of the that because it has a long history and it has future potentials. We need the hydrocarbons, we need to produce in an ever cleaner manner and we also need natural gas because it forms part of the mix of hydrocarbon.”
He explained that Chevron has adopted technology to reduce gas flares by 97 per cent.
Swartz said, “So, one thing that we do for our operations is to look for ways to be more efficient. We reduced our flaring in the last ten years by 97 per cent and are on the way to 100 per cent.
“The bottom line is that hydrocarbon is in the future and the potential Nigeria has as a strong player in the future of the globe and for Chevron. So, we look forward to our continuous presence and investment in Nigeria.”