Chevron has urged Nigeria to provide lasting legal guarantees, secure oil operations and competitive costs to sustain investment in its petroleum industry.

The company’s chairman and managing director for Nigeria and Mid-Africa, Jim Swartz, said recent reforms had improved the investment environment, but investors needed confidence that favourable conditions would endure over the decades required to develop and operate oil projects.

He spoke on Tuesday during a panel discussion at the 32nd Nigerian Economic Summit in Abuja.

Mr Swartz credited the Petroleum Industry Act and presidential directives aimed at encouraging investment with helping restore the sector’s attractiveness.

However, he said sustaining that progress required predictable laws and consistent implementation.

“Knowing that you will have long-term support in the laws is very important. Knowing that we will have a secure operation is very important,” he said.

His comments come against the backdrop of government measures to attract petroleum investment by addressing project costs, approval delays and financing incentives.

In March 2024, the presidency announced directives introducing incentives for gas and deepwater developments, targeting a six-month contracting cycle and requiring local content rules to be implemented without undermining investment or cost competitiveness. 

Mr Swartz said Chevron was pursuing a drilling programme in its shallow-water operations and preparing to bring a rig to its Agbami deepwater field for additional wells and renewed exploration.

He also mentioned the company’s participation in the Usan, Owowo and Bonga Southwest Aparo developments as examples of its investment interests in Nigeria.

Chevron’s annual disclosures confirm its interests in those assets. The company operates Agbami and holds a non-operating interest in Usan, alongside stakes in the Owowo and Bonga Southwest Aparo developments. 

Mr Swartz said some drilling investments could deliver results relatively quickly, while larger projects required commitments extending over several decades.

He welcomed improvements in security in the Niger Delta and efforts to reduce oil theft, which he described as a longstanding obstacle to operations.

Beyond security, he said the cost and speed of delivering projects influenced where international companies committed capital.

“So, what we’re looking for is competitive cost, but also competitive delivery on time,” he said.

He urged Nigerian service providers to remain competitive internationally, saying the industry’s investment prospects depended partly on its ability to deliver work efficiently.

Chevron operates onshore and shallow-water assets through a joint venture with the Nigerian National Petroleum Company Limited and has interests in several deepwater operations. Its portfolio includes Agbami, one of Nigeria’s largest deepwater discoveries. 

Mr Swartz also said renewed investment would require the industry to train more workers after a prolonged period of limited activity.

He identified engineers, field operators, welders and maintenance workers among those needed to support projects throughout their operating lives.

He called for cooperation between companies, government and industry organisations to identify skills shortages and develop training programmes.

Local contractors also needed support to compete beyond Nigeria, he said, arguing that stronger technical capacity would benefit both oil producers and domestic businesses seeking work in regional and international markets.