Chevron Plans to Expand Oil Exploration Efforts in Nigeria Amid Regional Opportunities
Chevron Corporation has announced plans to increase its oil exploration activities in Nigeria and other West African nations, aiming to tap into the region’s underexplored hydrocarbon potential. Liz Schwarze, Vice President of Global Exploration at Chevron, revealed the company’s strategy in an interview with Bloomberg, emphasizing the untapped potential in West Africa, especially Nigeria and Angola. This decision aligns with Chevron’s global exploration strategy to leverage new resources and support existing operations.
Chevron Nigeria’s renewed exploration drive follows a recent significant oil discovery in the Niger Delta, where the Meji NW-1 well could produce up to 17,000 barrels per day. Located in Petroleum Mining Lease 49, the well is part of Chevron’s efforts to bolster its regional presence. Schwarze highlighted that frontier exploration in Africa remains a central focus for Chevron, which recently began drilling in Egypt and plans to explore further in Namibia and Angola.
The move comes as Nigeria faces challenges in meeting its OPEC production targets. President Tinubu has set a goal of increasing Nigeria’s oil production to 4 million barrels per day by 2030, despite the recent exit of other multinational oil companies from onshore operations in Nigeria. Chevron’s decision underscores its confidence in West Africa’s growth potential and its commitment to advancing energy security in the region.
Chevron Corporation has announced plans to increase its oil exploration activities in Nigeria and other West African nations, aiming to tap into the region’s underexplored hydrocarbon potential. Liz Schwarze, Vice President of Global Exploration at Chevron, revealed the company’s strategy in an interview with Bloomberg, emphasizing the untapped potential in West Africa, especially Nigeria and Angola. This decision aligns with Chevron’s global exploration strategy to leverage new resources and support existing operations.
Chevron Nigeria’s renewed exploration drive follows a recent significant oil discovery in the Niger Delta, where the Meji NW-1 well could produce up to 17,000 barrels per day. Located in Petroleum Mining Lease 49, the well is part of Chevron’s efforts to bolster its regional presence. Schwarze highlighted that frontier exploration in Africa remains a central focus for Chevron, which recently began drilling in Egypt and plans to explore further in Namibia and Angola.
The move comes as Nigeria faces challenges in meeting its OPEC production targets. President Tinubu has set a goal of increasing Nigeria’s oil production to 4 million barrels per day by 2030, despite the recent exit of other multinational oil companies from onshore operations in Nigeria. Chevron’s decision underscores its confidence in West Africa’s growth potential and its commitment to advancing energy security in the region.
