Chevron Invests $1.45bn in Nigerian Local Content Development – Report

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

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 made the disclosure in its 2019 Corporate Responsibility Report, which was obtained by the News Agency of Nigeria (NAN) in Lagos on Tuesday.

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.

Its 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.”

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.