Chevron Nigeria Ltd (CNL) has announced it has secured financing of $1.4 billion for drilling projects across the NNPCL/CNL JV infill drilling program scheduled for the period between 2022 and 2026 encompasses the drilling of 37 wells in the shallow offshore and onshore Escravos region, along with the construction of associated facilities.
This was stated by the management of the company led by Mr Clay Neff during a meeting with President Bola Tinubu at the state house in Abuja.
Mr. Neff affirmed that the company will continue to adhere to the highest standards while fulfilling its investment commitments in Nigeria.
He emphasized Chevron’s contributions to the domestic gas supply, citing the delivery of 25% of gas through a joint venture with NNPC Limited.
Additionally, he mentioned Chevron’s commitment to scaling up investments in the country, as evidenced by recent efforts in a new phase of development.
He said the developments include,
Mr. Neff also informed President Tinubu that Chevron’s average annual tax and royalty remittances for the past three years had totalled $3.4 billion.
On his part, President Tinubu expressed appreciation for Chevron Corporation’s dedication to expanding its investments in both shallow and deep-water operations in Nigeria. He specifically emphasized the ongoing $1.4 billion drilling project in collaboration with the Nigerian National Petroleum Company Limited (NNPCL).
The President further assured the multinational company of his administration’s commitment to implementing necessary interventions in the oil and gas industry, aligning with the provisions outlined in the Petroleum Industry Act (PIA).
He said,
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