Chevron is increasing its exploration activities in Nigeria and Angola, aiming to boost production in regions where output has declined in recent years.
Chevron’s Global Exploration Vice President, Liz Schwarze, emphasized the company’s commitment to West Africa, highlighting the area’s untapped potential.
“West Africa is such a hydrocarbon-rich part of the world and relatively under-explored compared to other jurisdictions,” Schwarze stated, noting that while some companies are withdrawing, Chevron is actively acquiring new exploration blocks.
In Nigeria, where oil production has dropped by approximately 500,000 barrels per day over the past five years, Chevron recently secured a stake in a new exploration block and reported a significant discovery.
The discovery, made with the Meji NW-1 well within Petroleum Mining Lease 49, has the potential to yield up to 17,000 barrels per day.
Chevron has also taken on two deep-water licenses in Equatorial Guinea, further solidifying its presence in the region.
Chevron is exploring opportunities in other African nations as well. This month, it began drilling in Egypt and plans to launch an exploration campaign in Namibia in December.
In Angola, which recently left OPEC due to declining output, Chevron acquired deepwater blocks 49 and 50.
Nigeria’s production challenges remain pressing. President Bola Tinubu recently set an ambitious target to raise Nigeria’s crude output to 4 million barrels per day by 2030.
In the near term, the goal is to increase production by 1 million barrels per day within two years. However, companies like ENI, AGIP, Shell, and Exxon Mobil are moving away from Nigerian onshore operations, selling their oil and gas assets.
Currently, Nigeria produces around 1.35 million barrels of crude oil per day, below its OPEC quota of 1.58 million barrels per day.
