Chevron Pursues Oil Growth in Africa with New Discoveries in Nigeria’s Niger Delta

Cape Town – Chevron Corp. is looking to expand its exploration footprint in Africa’s oil-producing regions, notably in Nigeria and Angola, where the company sees potential for a rebound despite recent production declines. Liz Schwarze, Chevron’s Vice President of Global Exploration, highlighted the region’s untapped potential, noting that West Africa remains a “hydrocarbon-rich” but “under-explored” area compared to other global energy hubs. 

Key Discovery in the Niger Delta

Chevron’s renewed focus in Nigeria follows a recent breakthrough in the Niger Delta, where its Meji NW-1 well yielded a promising “near-field” discovery within Petroleum Mining Lease (PML) 49. Located in the shallow offshore zone of the Western Niger Delta, this find could contribute up to 17,000 barrels per day. Chevron stated that this discovery is a strategic step toward identifying new resources that can sustain and extend the life of existing assets, allowing for accelerated production.

Strategic Moves Across Africa

Chevron’s exploration campaign extends beyond Nigeria. In Angola, the company has recently acquired deepwater Blocks 49 and 50, positioning it as a major player in a country that recently exited OPEC amid production challenges. Meanwhile, Chevron has also initiated new drilling projects in Egypt and is scheduled to begin exploration in Namibia later this year.

Nigeria’s Oil Ambitions Amid Production Challenges

Chevron’s renewed interest aligns with Nigeria’s broader ambitions to increase its oil output. President Bola Tinubu has set a target to ramp up production to 4 million barrels per day by 2030, despite facing significant hurdles, including the exit of several multinational energy firms from onshore operations. However, Nigeria has struggled to meet its OPEC quota, with its output fluctuating between 1.2 and 1.3 million barrels per day in 2024. Recent OPEC data shows that the country’s production fell by 33,000 barrels in September, reaching 1.405 million barrels per day.

This investment push signals Chevron’s optimism about Africa’s long-term role in its global strategy. As global demand for oil and gas continues, Chevron’s exploratory advances in West Africa are intended to tap into underutilized reserves and bolster production capabilities, especially in regions like Nigeria, where the company sees untapped potential.