Tinubu promises full application of Petroleum Industry Act

President Bola Tinubu, said his administration will continue to provide the needed interventions in the oil and gas industry in line with the provisions of the Petroleum Industry Act.

“’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,” Tinubu said when he received a delegation from the Chevron Corporation, led by President of Chevron International Exploration and Production, Mr. Clay Neff, on Tuesday in Abuja.

Special Adviser to the President on Media and Publicity, Ajuri Ngelale, revealed this in a statement he signed on Tuesday titled, ‘President Tinubu: our interventions in oil and gas sector will safeguard and enhance the value of investments.’

President Tinubu said Nigeria would strengthen its long-standing partnership with the multinational company in line with the evolving dynamics in the oil and gas industry.

He welcomed Chevron’s commitment to build on its investments in shallow and deep-water operations in Nigeria, noting the company’s ongoing $1.4bn drilling project with the Nigerian National Petroleum Company Limited.

He also commended Chevron for its dedication to reducing its carbon footprint in the country.

“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,” President Tinubu said.

In his remarks, Neff pledged that the company would continue to operate in full adherence to the highest standards, even as it meets its investment commitments in Nigeria.

He highlighted the company’s contributions to domestic gas supply, noting the delivery of 25 per cent gas through a joint venture with NNPC Limited.

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