Chevron Nigeria Limited says it has spent an estimated annual average of $1 billion on Nigerian suppliers and service providers in the last 10 years in line with its commitment to Nigerian Content Development.
The Chairman/Managing Director, CNL, Rick Kennedy, disclosed this on Tuesday during the CEO Roundtable at the Nigeria International Petroleum Summit in Abuja, according to a statement on Wednesday.
He said the company had identified opportunities in lowering carbon emissions and harnessing Nigeria’s gas resources as key enablers in complementing the new approaches to future of hydrocarbons in the Nigerian oil and gas industry in the post COVID-19 era.
Kennedy, who was represented by the Director, NNPC/CNL Joint Venture, Monday Ovuede, highlighted the impact of the pandemic on the global oil and gas industry, and commended the resilience of the industry operators in sustaining critical production and remaining competitive through several initiatives such as adoption of digital innovation and leveraging industry collaboration.
He noted that the global community had continued to scale up the collaboration towards lower carbon emissions.
According to him, Chevron supports global efforts to reduce carbon emissions and is actively investing in operations to improve environmental performance while also working with industry to develop new innovative technology and best practices to achieve these objectives.
“CNL’s gas strategy is to end routine gas flaring and build a profitable gas business through a portfolio of projects, and stated that in Nigeria, CNL, with its joint venture partners, the Nigerian National Petroleum Corporation, has progressively reduced routine gas flaring by over 95 percent in the past 10 years and remained ahead in terms of maximising supply of on-spec gas into the Nigerian domestic market,” Kennedy said.
He also highlighted the NNPC/CNL’s Gas Sales and Aggregation Agreements with Egbin Power Plc, Dangote Fertilizer Limited, and Olorunsogo Generation Company Limited, as well as the positive impact of the West African Gas Pipeline through which Nigeria supplies gas to Ghana, Togo, and Benin.
According to Kennedy, the new approaches to future of hydrocarbons involve the development of robust policies and regulations to address and remedy existing challenges in the oil and gas industry; digital technology/innovations; cost efficiency initiatives; sustained social investments and continued support for Nigerian content development.