Chevron Nigeria Limited (CNL), operator of the Nigerian National Petroleum Company Limited and CNL Joint Venture, has urged the Federal Government to create a more predictable and transparent regulatory environment to attract sustained investment in the oil and gas sector.
Speaking at an energy event in Abuja, Jim Swartz, Chairman and Managing Director of Chevron companies in Nigeria and the Mid-Africa Region, identified inconsistencies in Nigeria’s regulatory framework as a key source of investment uncertainty that must be addressed.
Swartz remarked that resources alone are not enough to guarantee success, emphasising that what makes the difference is the environment in which investments, businesses, and people operate.
“A predictable, transparent, and efficient regulatory framework builds confidence; and confidence attracts investment, drives innovation, creates jobs, and supports economic growth,” he stated.
He noted that regulatory certainty could be a catalyst for investor commitments, adding that regulatory reforms in the industry continue to enable Chevron’s growth opportunities post-Petroleum Industry Act (PIA) 2021. Key drivers include exploration and new discoveries, infill drilling and brownfield optimisation, as well as monetisation and integrated developments.
Represented by Segun Kuteyi, Director of Operations and Chief Operating Officer for Chevron Nigeria and Mid-Africa Region, Swartz said Nigeria remains one of the world’s most resource-rich energy nations, with substantial oil reserves, abundant natural gas, a strategic location, and a skilled workforce. These strengths, he added, position the country for sustained growth and competitiveness in a rapidly evolving global energy landscape.
He highlighted some of Chevron’s key achievements, including the renewal and conversion of its Joint Venture and Deepwater leases; continued investment in exploration, asset and gas development, and monetisation; the recent acquisition of Deepwater block Petroleum Prospecting License (PPL 2010); equity investments in recent announcements by Shell on Bonga Southwest/Aparo (BSWAP), and ExxonMobil on Owowo/Usan; and sustained social investments and community partnerships for over six decades.
While emphasising the importance of safety, collaboration and the human dimension in the Nigerian oil and gas industry, Swartz said industry challenges could be addressed through strengthening regulatory certainty, advancing transparency and accountability, driving investment across the value chain, promoting collaboration across the industry, supporting innovation and digital transformation, and building workforce capability and future-ready skills.
“At Chevron, we believe people are our greatest asset. No regulatory framework can fully succeed without a capable, motivated, and protected workforce. That is why forums such as PEALS are important: they bring government, labour, and industry together to align on shared goals and deepen mutual understanding,” he remarked.