Mkpoikana Udoma
Port Harcourt — Chevron Nigeria Limited says it is nearing the completion of its $1.4 billion infield drilling program, describing it as one of the strongest indicators that ongoing reforms in the petroleum industry are unlocking long-awaited investments and accelerating project delivery.
Segun Kuteyi, who represented the company’s Chairman and Managing Director, Jim Swartz, disclosed this during a panel session on “Streamlining Project Delivery for Improved Efficiency” at the just concluded 2025 Practical Nigerian Content, PNC, in Yenagoa, Bayelsa State.
Kuteyi said the infield drilling program, which has been in the works for years, only progressed to this stage because the Federal Government’s recent policy interventions have restored clarity and predictability to the investment climate.
“We are nearing the commissioning of the $1.4 billion infield drilling program,” he said. “The opportunity is there for us to repackage something similar to that and continue another programme for the next couple of years.”
He stressed that the improved fiscal and contracting framework has enabled Chevron to extend contracts, secure rigs, and execute long-cycle projects with far fewer delays.
According to him, “Because of the clarity we now have in terms of the fiscal terms and the enablers for us to extend contracts and control contracting, we have a line of sight to additional candidates that we can bring on.”
Kuteyi explained that Chevron’s rig activity has increased significantly due to the stability created by presidential directives and regulatory alignment.
“Just like Seplat, we are also very active with our rig programme. It’s really encouraging because then you can plan, you can project. We have rigs now that are completing the cycle of projects,” he said.
He emphasised that Chevron’s decision to embark on such a capital-intensive programme is tied directly to the reforms that now make Nigeria more competitive within Chevron’s global portfolio.
“The presidential directives, they’ve actually made us more competitive in the global portfolio, and that, to me, is a key enabler for meeting the goal of 3 million barrels by 2030,” Kuteyi stated.
He added that improved collaboration with regulators has reduced project-sanction risks and fast-tracked contracting and engineering approvals.
“Some of the collaborations we’ve seen, and how they’ve enabled us to fast-track our contracting, fast-track engineering and remove the risks associated with project sanctioning, will help us monetize our gas resources,” he said.
Kuteyi further revealed that Chevron and its partners are advancing a gas monetisation project built on these new enablers, creating outlets for reserves that had remained stranded for years awaiting regulatory clarity.
