Development of policies, regulations key to ending petroleum industry challenges ― Chevron MD

The Managing Director, Chevron Nigeria Limited (CNL), Rick Kennedy, has said that for Nigeria to be able to address existing challenges in the oil and gas industry, there is a need for the development of robust policies and regulations.

He said the new approaches to the future of hydrocarbons include digital technology and innovations; cost efficiency initiatives; sustained social investments and continued support for Nigerian Content Development.

Rick Kennedy, who was represented by Monday Ovuede, Director, NNPC/CNL Joint Venture, during the CEO Roundtable at the Nigeria International Petroleum Summit held in Abuja also stated that part of its gas strategy is to end routine flaring and build a profitable business through a portfolio of projects.

He maintained that in Nigeria, the Company with its joint venture (JV) partners, the Nigerian National Petroleum Corporation (NNPC), has progressively reduced routine gas flaring by over 95 per cent in the past 10 years

According to him, “Chevron remained ahead in terms of maximising the supply of on-spec gas into the Nigerian domestic market.”

He noted that the pandemic’s impact on the global oil and gas industry while commending the resilience of industry operators in sustaining critical production and remaining competitive through several initiatives such as the adoption of digital innovation and leveraging industry collaboration.

Rick noted that the global community has continued to scale up the collaboration towards lower carbon emissions, adding that Chevron supports global efforts to reduce carbon emissions and investing in operations to improve environmental performance.

Other participants at the roundtable include the Group Managing Director, NNPC, Mr Mele Kolo Kyari, Chairman, Shell Companies in Nigeria/MD SPDC, Mr Osagie Okunbor, MD/CE, Total Nigeria E&P, Mr Michael Sangster, Managing Director, ENI Nigeria, Mr Daniele Roberto, MD/CEO, Nigeria LNG Limited, Mr Tony Attah and Chief Executive, OVH Energy Marketing Ltd, Mr Huub Stokman. The keynote address was delivered by the Minister of State for Petroleum Resources, Chief Timipre Silva.

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