Chevron Corporation has expanded its exploration activities in Africa, focusing on key oil-producing nations, including Nigeria and Angola, despite a downturn in production.
Liz Schwarze, Chevron’s Vice President of Global Exploration, highlighted the untapped potential in West Africa, describing it as “such a hydrocarbon rich part of the world and relatively under-explored compared to other jurisdictions.”
While other oil majors have exited, Chevron has committed to acquiring multiple blocks.
In Nigeria, Chevron made significant strides by acquiring a stake in a new exploration block and discovering a new oil field in the Niger Delta.
The discovery, and referred to as a “new gold mine,” is located in the shallow offshore region and is estimated to yield 17,000 barrels per day.
Chevron’s Chairman and Managing Director, Jim Swartz, confirmed the discovery, revealing that the Meji NW-1 well in Petroleum Mining Lease 49 was spud on 2nd September and reached a total depth of 8,983 feet on 13th September, 2024. The well encountered approximately 690 feet of hydrocarbons within Miocene sands and extended the Meji field.
Olusoga Oduselu, Chevron’s General Manager of Policy Government and Public Affairs, stated that well operations were completed, and the rig left the site on 2nd October.
“This supports Chevron’s broader global exploration strategy to find new resources that extend the life of producing assets,” Oduselu said.
He added that the Nigerian National Petroleum Corporation and Chevron Nigeria Limited, NNPC–CNL, joint venture remains committed to collaborating with the Nigerian government to boost the oil and gas sector.
This development is crucial as Nigeria battles declining oil production, driven by issues like sabotage, theft, and ageing infrastructure.
While other companies, such as Eni, have exited onshore operations, Chevron’s investments signal its long-term commitment to Nigeria and the revitalisation of Nigeria’s oil industry.
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