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Leading oil and gas company and Joint Venture masters in Nigeria’s petroleum industry, Chevron Nigeria Limited (CNL), on Tuesday at the Pan Atlantic University (PAU), in Lagos listed strategic industry development plans.
However, it listed critical impediments frustrating development speed in the sector including delays in contracting process policy of the government, weak implementation of industry laws and regulation, multiple taxation which is up to 14 in the industry and security.
Giving the details in a presentation at the 2017 set of Advanced Writing & Reporting Skills (AWAReS), School of Media and Communication, PAU, Lekki, the General Manager, Down Stream, CNL/Middle East/Africa, Mr. James Okereke said “Oil and gas remain the main contributor to the federal government’s revenue as it make well over 90 per cent or more from oil production sharing contracts (PSC)”.
He said one of the major challenges facing several production contracts in the industry is undue delays in getting timely approvals from government within the budget period of a contract where foreign exchange and inflation differentials will not change the original narrative of the budgetary preparedness for a particular job.
Okereke explained further that it always amounts to huge loss when a company targets to get an approval for a contract within few weeks only to get it after several months when costing of implementation logistics have all changed either due to forex scarcity or even relevance of the job in question.
While calling on the government and to fast track ongoing enactment of Petroleum Industry Bills (PIB) now at the National Assembly, Okereke listed major development plans of the company for 2017 that are already ongoing.
Some of the plans include sustained onshore developments, consolidated its NNPC/CNL JVs leading status by following its major capital projects safely and continuing the pursuit of alternative financing for JV projects alongside serious focus on corporate responsibility using Global Memorandum of Understanding (GMoU) policy in producing communities.
Business Hilights recalls that CNL is sponsoring all the participants at the SMC as part of its Corporate Social Responsibility (CSR).
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