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Chevron backs ‘willing buyer-willing seller’ gas pricing model

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Representative of CNL boss, Jeff Ewing, Mr. Narasimhalu (1st L), speaking during the panel session.

CHAIRMAN/Managing Director of Chevron Nigeria Ltd (CNL), Mr Jeff Ewing, has called on stakeholders in the gas industry to support and enable the willing seller-willing buyer gas pricing model, to ensure the viability of the sector.

Speaking at the 11th Edition of the Nigerian Gas Association Conference and Exhibition in Abuja, Ewing called for the privatization of the various value chain sectors as part of measures to untangle the bottle necks in the industry.

Represented by the Director, Downstream Gas, Mr. Sanjay Narasimhalu, the CNL boss posited that opportunities for investments into the Nigerian gas sector were enormous.

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The opportunities, he stated, included “transitioning from an oil-based economy to a more integrated oil and gas economy, and end routine gas flaring.

“Deliberate exploration for non-associated gas to support the Nigeria Gas Master Plan, with a focus on high liquid yield non-associated gas resources to optimize the gas development project economics.

“Growth of new industries made possible from the abundant resources and competitively priced gas supply.”

Jeff noted that CNL has contributed immensely to the Nigerian government’s gas master plan through the various gas projects it has embarked on and that the company remains the highest contributor of high-quality gas to the domestic market in Nigeria since 2015.

While appreciating the talents in the industry and the workforce that makes things happen, he stated that through investments in gathering and processing of associated gas, routine flaring has been reduced by over 90 per cent from 2008 to 2017 in CNL’s operations.

He said the company has made significant effort in the gas sector development in Nigeria, adding that “CNL is optimistic about the future of oil and gas business in Nigeria.

“We have been making significant investments in the country for over 50 years and expect to do so for many more years to come.”

The post Chevron backs ‘willing buyer-willing seller’ gas pricing model appeared first on Tribune.

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