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Chevron highlights opportunities, new approaches to future of hydrocarbons

Chairman and Managing Director, Chevron Nigeria Limited (CNL), Rick Kennedy, has 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.

Rick Kennedy, who was represented by Monday Ovuede, Director, NNPC/CNL Joint Venture, made this known on Tuesday, June 8, 2021 during the CEO Roundtable at the Nigeria International Petroleum Summit (NIPS) at the International Conference Centre, Abuja

He 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.

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 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.

He emphasized that 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 (JV) partners, the Nigerian National Petroleum Corporation (NNPC), has progressively reduced routine gas flaring by over 95% in the past 10 years and remained ahead in terms of maximizing supply of on-spec gas into the Nigerian domestic market.   .

He also highlighted the NNPC/CNL’s Gas Sales and Aggregation Agreements with Egbin Power Plc, Dangote Fertilizer Limited, and Olorunsogo Generation Company Limited, while mentioning the positive impact of the West African Gas Pipeline (WAGP) through which  Nigeria supplies gas to countries in the West African sub-region – specifically, Ghana, Togo, and Benin – thus, helping to boost economic development in West Africa.

Rick noted that Chevron has joined other energy companies supporting the Methane Guiding Principles to reduce methane emissions from natural gas exploration and production operations through digital innovation and deployment of best practices, which include designing, constructing, and operating its facilities in a manner to reduce emissions from its operations.

According to him, 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. According to him, for the last 10 years, CNL has spent an estimated annual average of $1 billion on Nigerian suppliers and service providers in line with its commitment to Nigerian Content Development.

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.

The Minister of State for Petroleum Resources and other dignitaries had earlier visited Chevron’s exhibition booth where they commended the company’s efforts in helping to grow the Nigerian oil and gas industry, and driving initiative to lower carbon emissions, reduce cost and enhance efficiency.

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