NCDMB and Chevron Forge Partnership for Faster Oil Project Approvals and Increased Production

Key Points:

• NCDMB vows to expedite approvals for oil and gas projects through technical working groups with companies.
• Collaboration and open communication prioritized to create a win-win situation and minimize conflicts.
• Focus on competitive production costs and attracting investments to boost national revenue.
• Chevron seeks NCDMB support for major deepwater and gas projects.

Details:

The Nigerian Content Development and Monitoring Board (NCDMB) is taking concrete steps to accelerate approvals for oil and gas projects, aiming to stimulate production and propel national economic growth. In a recent meeting with Chevron Nigeria Limited, Executive Secretary Felix Omatsola Ogbe emphasized collaboration and unwavering support for the company’s projects.

Boosting Approvals for Faster Progress:

• Ogbe expressed NCDMB’s commitment to surpassing existing agreement timelines for approvals.
• He proposed establishing monthly or quarterly technical working groups with oil companies to proactively address potential issues before formal requests are submitted.
• This initiative aims to eliminate delays and cost overruns associated with the traditional approval process.

Prioritizing Partnership and Open Dialogue:

• Ogbe underscored the importance of viewing NCDMB and oil companies as partners, working together for mutual benefit rather than as adversaries.
• He reiterated NCDMB’s dedication to creating jobs, aligning with President Tinubu’s economic objectives, and attracting foreign investments.
• Ogbe emphasized prioritizing dialogue and flexibility over imposing sanctions on companies.

Chevron Applauds Collaborative Approach:

• Deputy Managing Director Cosmas Iwueze commended Ogbe’s commitment to collaboration and his focus on increasing crude oil production in Nigeria.
• Iwueze highlighted the critical need to maintain competitive production costs and foster an investor-friendly environment.
• Chevron expressed their desire for NCDMB’s support for their upcoming deepwater and gas-to-liquid (EGTL) projects, emphasizing their potential to significantly contribute to national revenue.

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Building Towards a Brighter Future:

This meeting signifies a positive shift towards a more collaborative approach between NCDMB and oil companies like Chevron. Both parties appear aligned in their objectives of streamlining approvals, boosting production, and attracting investments. This paves the way for a more efficient and productive oil and gas sector in Nigeria, ultimately contributing to economic growth and job creation