Chevron Nigeria Limited (CNL) has called for a more predictable and transparent regulatory environment to attract fresh investment, encourage innovation and accelerate growth in Nigeria’s oil and gas industry.
The Chairman and Managing Director of Chevron companies in Nigeria and the Mid-Africa Region, Jim Swartz, made the call at the Petroleum and Natural Gas Senior Staff Association of Nigeria (PENGASSAN) Energy and Labour Summit (PEALS) in Abuja.
Swartz, who was represented at the event by Chevron Nigeria and Mid-Africa Region’s Director of Operations and Chief Operating Officer, Segun Kuteyi, said Nigeria remained strategically positioned as a major global energy market, given its vast oil and gas reserves, strategic location and skilled workforce.
He, however, stressed that the availability of natural resources alone could not guarantee sustained industry growth without a business environment capable of giving investors confidence.
According to him, regulatory certainty is essential to attracting capital, stimulating innovation, creating jobs and supporting broader economic development.
He said the reforms introduced in the sector, particularly following the enactment of the Petroleum Industry Act (PIA) 2021, had opened new opportunities for Chevron and other industry players.
Chevron Highlights Growth Opportunities
Swartz identified exploration and new discoveries, infill drilling and the optimisation of existing assets, as well as gas monetisation and integrated developments, as key areas capable of driving further growth.
He also highlighted Chevron’s recent activities in Nigeria, including the renewal and conversion of its joint venture and deepwater leases, continued investments in exploration and asset development, and efforts to expand gas monetisation.
The company’s acquisition of deepwater Petroleum Prospecting Licence (PPL) 2010 was also cited as part of its ongoing investment strategy.
According to Swartz, Chevron has further strengthened its presence in Nigeria through equity investments in projects such as Shell’s Bonga Southwest/Aparo development and ExxonMobil’s Owowo/Usan assets.
He added that the company had maintained its social investment programmes and partnerships with host communities for more than six decades.
Transparency, Collaboration Needed
The Chevron executive said Nigeria’s oil and gas sector could overcome its current challenges through greater regulatory stability, transparency and accountability.
He also called for increased investment across the industry’s value chain and stronger collaboration among government agencies, operators, labour and other stakeholders.
Swartz further identified innovation and digital transformation as important tools for improving efficiency and competitiveness in the sector.
He stressed the importance of developing a highly skilled workforce capable of meeting the changing demands of the global energy industry.
“At Chevron, we believe people are our greatest asset. No regulatory framework can fully succeed without a capable, motivated, and protected workforce,” he said.
He described the PENGASSAN Energy and Labour Summit as an important platform for bringing government, industry operators and labour representatives together to discuss challenges, build consensus and develop practical solutions for the sector.
Swartz said sustained dialogue among stakeholders would be critical to creating the confidence required to unlock new investments and position Nigeria’s oil and gas industry for long-term growth.
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