Chevron Invests $1.45 b in Nigerian Content Development in 2019
Chevron Invests $1.45bn in Nigerian content development – Report
Chevron Nigeria Limited (CNL) has disclosed that it invested $1.45 billion in Nigerian Content Development (NCD) in 2019.
The multinational Oil Company made the disclosure in its 2019 Corporate Responsibility Report.
According to the report, Chevron continued to demonstrate its commitment to the implementation of Nigeria’s local content policy, adding that it gave contracting preference to competent Nigerian companies.
The document stated that the company’s policy also promoted technology transfer.
“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,” the report stated.
It 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.
Other projects executed by the company 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.
“Our corporate responsibility focus areas are aligned with our business strategy of delivering industry-leading returns while developing high-value resource opportunities.
“We are committed to continually improving the quality of life of the people of Nigeria through our social investments and community engagement activities.
“At Chevron, we strive to build lasting relationships to create prosperity now and for generations to come. This report reflects that commitment,” Ewing said.
By Peace Obi