Yemisi Izuora
Inconsistencies in Nigeria’s regulatory framework has been identified as creating investment uncertainty in the oil and gas industry and which needed to be avoided.
Identifying this gap is Chevron Nigeria Limited (CNL), operator of the Nigerian National Petroleum Company Limited and CNL Joint Venture, which recently at an energy event in Abuja, stressed the importance of strengthening regulatory framework in the Nigerian oil and gas industry to enhance growth opportunities.
Chairman and Managing Director of Chevron companies in Nigeria and the Mid Africa Region, Jim Swartz, remarked that resources alone are not enough to guarantee success and emphasized that what makes the difference is the environment in which investments, businesses, and people operate.
According to him, “A predictable, transparent, and efficient regulatory framework builds confidence; and confidence attracts investment, drives innovation, creates jobs, and supports economic growth,’ he stated.
Jim emphasized that regulatory certainty could be a catalyst for investor commitments and noted that in Chevron, regulatory reforms in the industry continue to enable its growth opportunities post-Petroleum Industry Act (PIA) 2021, with key drivers being exploration and new discoveries, infill drilling and brownfield optimisation as well as monetisation and integrated developments
Represented by Segun Kuteyi, Director of Operations and Chief Operating Officer, Chevron Nigeria and Mid Africa Region, Jim noted that Nigeria remains one of the world’s most resource-rich energy nations, with substantial oil reserves, abundant natural gas, a strategic location, and a skilled workforce, adding that these strengths position the country for sustained growth and competitiveness in a rapidly evolving global energy landscape.
According to him, some of the company’s key achievements include the renewal and conversion of its Joint Venture and Deepwater leases; continued investment in exploration, asset and gas development, and monetisation; the recent Chevron’s acquisition of Deepwater block, Petroleum Prospecting License (PPL 2010); equity investments in recent announcements by Shell on Bonga Southwest/Aparo (BSWAP), and ExxonMobil on Owowo/Usan and the sustained social investments and community partnerships for over six decades.
While emphasizing the importance of safety, collaboration and human dimension in the Nigerian oil and gas industry, he stated that the industry challenges could be addressed through strengthening regulatory certainty, advancing transparency and accountability, driving investment across the value chain and promote collaboration across the industry, supporting innovation and digital transformation and building workforce capability and future-ready skills.
“At Chevron, we believe people are our greatest asset. No regulatory framework can fully succeed without a capable, motivated, and protected workforce. That is why forums such as PEALS are important: they bring government, labour, and industry together to align on shared goals and deepen mutual understanding,” he remarked.