American oil exploration and production giant, Chevron Nigeria Limited, has disclosed that it invested $1.45 billion in Nigeria Content Development (NCD) in 2019.
According to the News Agency of Nigeria (NAN), this disclosure was made in Chevron’s Corporate Responsibility Report for 2019.
The report, while highlighting Chevron’s commitment to Nigerian content development, showed that the firm’s local content policy had been updated, in such a way that it gave contracting preference to competent Nigerian firms. It also pointed out that the local content policy promoted technology transfer.
It stated, “Our investment in Nigeria 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.’’
According to the report, some of the projects which were executed by Chevron Nigeria and its indigenous partners include Escravos Export System Project, Okan Gas Gathering Compression Platform (GCCP) Debottlenecking project, Meji GCCP Debottlenecking project, and Consolidated Maintenance Workshop project.
(READ MORE: Exxon Mobil, Shell, Chevron, others might be forced to reduce oil production in Nigeria)
In addition, the report revealed that 184 Nigerians benefited from quality training in technical and professional skills in 2019, which is valued at over $5 million.
With the support of the Nigerian Content Development Monitoring Board (NCDMB), the oil firm trained over 200 community contractors to build local capacity, and strengthen indigenous participation in the oil and gas industry.
The Managing Director, Chevron Nigeria, Jeffrey Ewing, in his comment, said the company was focused on operational excellence, and helping its hosts communities to prosper.
He added that the company is committed to continually improving the quality of life of the people of Nigeria, through its social investments and community engagement activities.