President Tinubu Vows To Intervene Continuously In Oil And Gas Industry

President Bola Tinubu said his administration will continue to intervene in the oil and gas industry to safeguard and enhance the value of investments in Nigeria.

Speaking in Abuja on Tuesday as he received a delegation from petroleum refineries company Chevron Corporation, Tinubu noted that Nigeria will be strengthening its long-standing partnership with the multinational company.

The president appreciated the company for its commitment to build on its investments in shallow and deep water operations in Nigeria, revealing that it has already been involved in a $1.4 billion drilling project with the Nigerian National Petroleum Company Limited (NNPCL).

"You must see the PIA as a legacy law. We assure you of quick interventions and turnaround on any issue you may have in your operations in our country," the president said, as per the statement shared on X (formerly Twitter).

"Nigeria is proud of the 60-year partnership with Chevron, and we believe this partnership will be strengthened to add mutually-beneficial value for the benefit of your shareholders as well as the living standards and economic opportunities of our population," he added.

Clay Neff, President of Chevron International Exploration and Production who led the delegation from the Chevron Corporation, said that the company would continue to operate in full adherence to the highest standards. Chevron's average annual tax and royalty remittances have reached $3.4 billion in the last three years, he added.

Neff highlighted the company's contributions to domestic gas supply is 25% in collaboration with NNPC Limited.

"'The bold steps you have taken since you assumed office are quite impressive. We are encouraged by our partnership of over 60 years, and we look forward, God willing, to continue that partnership for many decades to come," he said.

"We are also looking at other opportunities as well while operating with the best environmental practices. We will continue to grow our traditional oil and gas business because we know the countries where we operate are in need of those products, and the world needs those products," he added.

Since Tinubu took over the office on May 29 last year, he implemented fuel subsidy removal, causing a sharp surge in petrol prices.