The Vice President of Global Exploration at Chevron, Liz Schwarze, says that Chevron Corporation plans to increase its exploration holdings in African oil producers such as Nigeria and Angola.
The Punch newspaper report on Wednesday said that Schwarze told Bloomberg in an interview on Tuesday that Chevron promised to increase its exploration due to the anticipated potential for a production rebound in both countries despite years of decline.
According to the report, West Africa is a hydrocarbon-rich region that is relatively under-explored compared to other parts of the world.
“Such a hydrocarbon-rich part of the world and relatively under-explored compared to other jurisdictions. The proof is in the action,” he said.
The report added that Chevron Nigeria’s plan to ramp up oil exploration follows a recent oil discovery in the Niger Delta, which has the potential to produce up to 17,000 barrels per day.
The discovery, termed a “near-field find,” was made with the Meji NW-1 well within Petroleum Mining Lease 49, according to a statement from Chevron released on October 18.
The block is located in the shallow offshore region of the Western Niger Delta.
In the statement, Chevron explained that the discovery supports Chevron’s broader global exploration strategy, which focuses on identifying new resources that can extend the life of existing assets and enable faster development and production.
Chevron’s increase in oil exploration across Africa Frontier exploration continues to be a key part of Chevron’s resource search on the continent, Schwarze said.
The company began drilling a well in Egypt this month and plans to launch an exploration campaign in Namibia in December.
In Angola, which left the Organization of Petroleum Exporting Countries last year after a decline in crude production, Chevron added deep water blocks 49 and 50.
GIK/APA