American multinational oil major with significant commercial interest in Nigeria, Chevron Corporation, has declared that Nigeria must float a workable and acceptable fiscal regime that would enable project promoters take investment decisions in the country’s petroleum landscape.
General Manager, Government and Public Affairs at Chevron Nigeria Limited, Mr Esimaje Brikinn, who spoke at a recent industry policy debate hosted in Lagos, advocated consistent and competitive fiscal policies that boost investor confidence in the local operating environment.
He added that realization of full industry objectives would necessarily require stakeholders agreement to succeed.
He argued that any fiscal regime conceived by policy makers must meet and address government’s development aspirations and investors’ returns. He added that government policies should create enabling environments that promote investments and propel growth.
He made it clear the focus of the government in a competitive and fast changing industry is to build investor confidence in the domestic environment and promote ease of doing business.
In recommending success factors for the ongoing programmes in the gas sector, Mr Brikinn called for securitization of payments for gas supply to the power sector, improvement in the security of assets and operating environment, common currency denomination for investment and revenue in the domestic environment, amongst other issues.
He also pointed out that there is inadequate infrastructure to deliver produced gas from wellheads to the market, leading to huge costs in gas commercialization investments.