Chevron Invests $1.45bn In Nigerian Local Content Development

0

 

Chevron Nigeria Limited (CNL) invested $1.45 billion in Nigerian Content Development (NCD) in 2019.

This was according to Chevron’s 2019 Corporate Responsibility Report, which was obtained by the News Agency of Nigeria (NAN) in Lagos on Tuesday.

The investment is in response to the government’s drive to increase local capacity and expertise through indigenous operators’ participation in the lucrative oil and gas contracts, the oil major stated in the report.

The report said to demonstrate its commitment to NCD, Chevron Nigeria’s local content policy had been updated, such that it gave contracting preference to competent Nigerian companies.

The document added that the policy also promoted technology transfer.

It said :”Our investment in Nigerian content in 2019 was approximately $1.45 billion.

“Of this amount, expenditure on materials and services obtained from local community contractors was approximately $358 million.”

READ ALSO: BRAND FACTS on Coca-Cola

The report listed projects executed by Chevron Nigeria and its indigenous partners to include Escravos Export System Project and Okan Gas Gathering Compression Platform (GCCP) Debottlenecking project.

It said other projects executed were the Meji GCCP Debottlenecking project and Consolidated Maintenance Workshop project.

According to the report, 184 Nigerians benefited from quality training valued at over $5 million in technical and professional skills in 2019.

It said the company, with the support of the Nigerian Content Development Monitoring Board (NCDMB), also trained over 200 community contractors to build local capacity and strengthen indigenous participation in the oil and gas industry.

Commenting on the report, Mr Jeffrey Ewing, Managing Director, Chevron Nigeria, said the company was focused on operational excellence and helping its host communities prosper.

“We are committed to continually improving the quality of life of the people of Nigeria through our social investments and community engagement activities, ” Ewing said.

 

 

Yetunde Adegoke

You might also like