Chevron plans expansion in Nigeria, others

• Published On: 05 November 2024 at 18:54

Chevron Corp. is looking to expand its exploration holdings in key African oil markets such as Nigeria and Angola, as the company expects production to rebound despite the region's history of decline.

According to Bloomberg, in an interview in Cape Town, Chevron's Vice President of Global Exploration, Liz Schwarze, highlighted West Africa as a hydrocarbon-rich area that remains relatively under-explored in comparison to other global oil regions.

Schwarze emphasized the region's significant untapped potential, and Chevron intends to invest in additional exploration and development to capitalize on emerging opportunities.

The move comes as Chevron seeks to diversify its exploration portfolio and increase production in high-potential regions.

He stated that "such a hydrocarbon-rich part of the world is relatively under-explored compared to other jurisdictions. "The proof is in the actions."

Chevron Nigeria intends to expand its oil exploration activities following a recent discovery in the Niger Delta that could yield up to 17,000 barrels per day.

Chevron Nigeria intends to expand its oil exploration activities following a recent discovery in the Niger Delta that could yield up to 17,000 barrels per day.

The "near-field find" was made at the Meji NW-1 well in Petroleum Mining Lease 49, which is located in the shallow offshore area of the Western Niger Delta.

Chevron stated that the discovery is consistent with its overall global exploration strategy, which focuses on identifying new resources that can extend the life of existing assets and facilitate faster development and production.

Last year, President Tinubu set an ambitious goal of increasing Nigeria's crude oil production to 4 million barrels per day by 2030, even as multinational corporations reduce their onshore operations.

In recent years, oil companies such as ENI, AGIP, Shell, and Exxon Mobil have either completed or announced plans to sell their onshore oil and gas assets, indicating a shift in the country's oil sector.

Nigeria has struggled to increase oil production enough to meet both its OPEC quota and domestic refinery demand.

Since the start of the year, the country's output has remained consistent at 1.2 to 1.3 million barrels per day, falling short of its production targets.