By Abigail Philip David
Chevron Corporation has announced an expansion of its oil exploration activities in key African oil-producing nations, including Nigeria and Angola, aiming to boost its holdings amid signs of a potential production rebound.
Chevron’s Vice President of Global Exploration, Liz Schwarze, highlighted the opportunity in Africa, calling West Africa a “hydrocarbon-rich” region that remains “relatively underexplored” compared to other areas. This announcement follows Chevron’s recent discovery of a “near-field find” in Nigeria’s Niger Delta, with the Meji NW-1 well in Petroleum Mining Lease 49 potentially yielding up to 17,000 barrels per day. The discovery underscores Chevron’s commitment to finding new resources to extend the lifespan of its existing assets, aiding faster development and production.
In line with its broader African expansion, Chevron has recently begun drilling in Egypt and will initiate an exploration campaign in Namibia in December. The company has also secured new deep-water blocks (49 and 50) in Angola, which exited the Organization of Petroleum Exporting Countries (OPEC) last year due to a production decline.
Meanwhile, Nigeria continues to face challenges in meeting its oil production targets. President Bola Tinubu has set an ambitious goal to reach 4 million barrels per day by 2030, even as international oil companies, including ENI, AGIP, Shell, and ExxonMobil, have scaled back or sold off their onshore assets. Nigeria’s current production lags behind its OPEC quota and domestic refinery needs, with output ranging from 1.2 to 1.3 million barrels per day this year.
OPEC’s latest report shows a decline in Nigeria’s average daily production to 1.405 million barrels in September, down from 1.438 million barrels in August.
Chevron’s renewed exploration efforts in Nigeria and across Africa are part of its long-term strategy to secure and develop new resources on the continent.
