April 16, 2024

Chevron reiterates strong policy initiative central to sustain oil and gas investment

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Adebayo Obajemu

President of Chevron International exploration and production, Clay Neff, has said that only solid economic and political environment can sustain investment in the oil and gas as well as Liquified Natural Gas business.

“We need the policies in place to enable our businesses to thrive,” Neff said at the CERAWeek by S&P Global conference in Houston, Texas, adding that investor confidence was “a little bit shaken” following the US government’s temporary pause on LNG permitting.

“That’s one of the keys. When we think of investing around the world, we have a limited amount of capital. We must be capital-disciplined in our approach to investing,” he said.

Neff said Chevron would focus on countries with stable regulatory and fiscal environments going forward, advising that stability would enable investment both in traditional oil and gas businesses and for new energy endeavors.

“We’re going to continue to grow our traditional business, which is oil and gas and LNG production,” he said. “And we’re going to do that while we lower our carbon footprint.”

Neff said oil and gas would remain a key part of Chevron’s business as it explores alternatives such as renewable fuels and geothermal energy, among others.

“The key is we’re going to continue to grow our traditional business because we know that the world needs it,” he said.

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