In Conversation with Chevron's Mamadou Beye at the Africa Energies Summit

The continued development of Africa’s energy sector is a critical factor in contributing to the continent’s growth potential. Through Chevron’s major investments in several African countries, the company has been building on its existing assets and pursuing new opportunities – as it has done in Africa for more than a century. Today, Chevron ranks among the top petroleum producers in Nigeria and Angola. Other areas on the continent where the company holds interests include Benin, Cameroon, Egypt, Equatorial Guinea, Ghana and the Republic of Congo and Togo.

Mamadou Beye , General Manager - Corporate Affairs for Middle East, Eastern Med and Africa for 雪佛龙 , discusses the company’s history and future in Africa.

What is key to advancing Africa’s oil and gas sector?

Achieving a competitive business environment is crucial for attracting and retaining substantial investments in the gas sector. A stable and predictable business environment is essential to draw investment capital on the scale that is needed to ensure gas markets in the global south reach their full potential. The energy industry thrives when it can operate in a consistent, reliable environment that is conducive to growth and expansion. Global competition for investment is alive and well within the energy industry, So, a key task for industry executives is to analyse how the risk-reward calculus of a country matches up against other countries competing for investment.

The role of government in shaping an appealing investment climate cannot be overstated. To achieve this, governments must proactively:

• Advance trade policies that foster economic growth.
• Establish fair regulatory systems that provide a level
• Cultivate a competitive cost environment.

Investor confidence hinges on a robust regulatory framework that upholds the rule of law and safeguards the interests of foreign investors. Specifically, monetary policies should be designed to nurture rather than hinder potential investments. In addition, collaboration from governments, coupled with streamlined bureaucratic procedures, are crucial for facilitating investment. By doing so, markets can attract significant investments from global companies.

What is the role of natural gas in the energy transition?

Oil and gas have a vital role to play in any global transition and we are working to deliver them in a lower carbon intensity manner.

Particularly, natural gas can play an essential role in reaching global carbon reduction goals while maintaining energy reliability and security. Natural gas will be critical in meeting energy demand for years to come. The global population is expanding and so is access to electricity; both factors will drive increased demand for energy.

In 2023, according to the IEA, nearly one third of people around the world cooked their meals with rudimentary methods. They burn coal, firewood, and even animal dung as fuel, breathing in hazardous fumes daily. It is a silent killer, contributing to millions of premature deaths each year, with women its likeliest victims. Additionally, 760 million people globally had access to electricity in the same year, according to the IEA.

To advance a lower carbon future while meeting this increasing demand, the energy needs to be lower carbon intensity, but renewables cannot support this demand alone; natural gas can help ensure reliability.

It is essential we stay focused on developing energy solutions that balance economic development and prosperity, energy security, and environmental protection.

What is Chevron specifically doing in Africa to reduce its carbon emissions?

Chevron’s portfolio of developed and developing natural gas resources play an important role in helping the world meet energy demand, while lowering carbon intensity and that includes our operations in Africa.

For example, in Nigeria - Chevron is one of the largest suppliers of natural gas to the domestic market among the IOCs in Nigeria, with 24% of total domestic gas supplied in 2022. We also supply natural gas to three other West African countries through the West African Gas Pipeline.

The Chevron-led West African Gas Pipeline (“WAGP”) has capacity to transport up to approximately 170 million cubic feet of natural gas per day (net CVX) from Nigeria to Benin, Togo, and Ghana - supporting delivery of natural gas across the region. In Angola, Chevron holds 36.4% interest in the Angola Liquefied Natural Gas (ALNG) Project, which is the world’s first LNG plant supplied with associated gas.

This associated gas is a byproduct of crude oil production from nearby offshore blocks. By harnessing this gas, through the ALNG facility, we have eliminated routine gas flaring from our operations which is a crucial step towards protecting the environment. The aggregated gas from various production facilities is processed and transformed into liquefied natural gas (LNG).

The Angola Liquified Natural Gas project helps Chevron meet domestic and global demand for abundant, lower carbon intensity natural gas – with capacity to deliver up to 5.2 million tons of LNG per year to the global market, as well as liquified petroleum gas to the Angolan market.

African countries also have vast oil resources - should those be developed in a lower carbon world?

It is important that any energy transition conversation balances economic growth, energy security and decarbonisation.

Conversations surrounding energy have become increasingly polarised. As the world navigates the complex landscape of energy transition, it is crucial to strike a harmonious balance between economic prosperity, energy security, and environmental protection. The abundance of diverse natural resources available today should be seen both as opportunities for economic growth and diversification and as essential means to meet the world’s ever-growing energy needs. And it's going to take a collaborative effort to achieve this balance.

Most energy forecasts agree that oil and gas will continue to be a significant source of energy even in a net zero scenario, for years to come. We believe affordable, reliable, and ever cleaner energy enables this human progress.

Chevron will continue to grow our traditional business because the world needs energy to facilitate economic growth. We believe the future of energy is lower carbon, and Chevron intends to be a leader in that future.

Our strategy is clear: leverage our strengths to safely deliver lower carbon energy to a growing world. The world is going to need all forms of energy and natural gas will continue to play a fundamental role. It is essential we stay focused on developing energy solutions that balance economic development and prosperity, energy security, and environmental protection.

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