NUPRC, Senate Committee strengthen ties with Chevron to boost investment in Nigeria oil, gas sector
… Chevron cites favorable gas pricing as key to boosting polypropylene production in Nigeria
Oredola Adeola
The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) and the Senate Committee on Upstream visited Chevron’s Control Facilities to foster collaboration and strengthen ties within Nigeria’s Oil and Gas sector, promoting deeper understanding and cooperation between regulatory authorities and key industry stakeholders.
This was the major highlight of the visit, led by Engr Gbenga Komolafe, Chief Executive of NUPRC, alongside Senator Etang Williams and other committee members, took place on Wednesday during the 2024 Offshore Technology Conference (OTC) in Houston, Texas, USA.
The primary objective of this visit was to foster synergies among stakeholders in Nigeria’s Oil and Gas industry. The delegation conducted thorough discussions and inspections at Chevron’s facilities, aiming to deepen the understanding and cooperation between regulatory authorities and key industry players.
Engr Gbenga Komolafe emphasized the importance of such engagements, underlining the necessity of collaborative efforts to drive sustainable growth and development in Nigeria’s petroleum sector.
He also highlighted the significance of proactive measures in addressing challenges and leveraging opportunities in the dynamic energy landscape.
This visit signifies a positive step towards building stronger partnerships and promoting a more cohesive approach to regulating and advancing the Oil and Gas sector in Nigeria.
Senator Etang Williams echoed these sentiments, underscoring the Senate Committee’s commitment to fostering a conducive environment for investment and innovation in upstream petroleum activities.
According to him, the visit signifies a proactive approach towards harnessing the full potential of Nigeria’s abundant natural resources for the benefit of its people and economy.
Senator Natasha Akpoti-Uduaghan, a member of the Senate Committee, was also part of the delegation that visited Chevron’s Control Facilities.
The Chairperson of the Senate Committee on Local Content therefore encouraged Chevron Nigeria Limited to support local manufacturers producing made-in-Nigeria goods.
Akpoti-Uduaghan emphasized the importance of investing in Nigeria’s petrochemical sector, particularly in polypropylene production, as seen in Saudi Arabia.
The management of Chevron welcomed the delegation and affirmed its dedication to upholding the highest standards of operational excellence, environmental stewardship, and community engagement.
Chevron reiterated its commitment to working closely with regulatory bodies and government agencies to ensure compliance with regulations while driving sustainable growth and development.
In response to Senator Akpoti-Uduaghan’s request, Chevron stated that the success of polypropylene production depends on the friendly fiscal terms around production of natural gas.
The company noted that despite having an abundance of gas reserve, the country’s economy of scale currently does not favour investors.