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Amid Fuel Price Hike, Chevron Announce Discovery of New Oil Field in Niger Delta

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Chevron Nigeria Limited (CNL) says it has discovered a new oil field in the shallow offshore area of the Niger Delta.

In a statement released today by Chevron’s General Manager of Policy, Government, and Public Affairs, Olusoga Oduselu, CNL’s Chairman and Managing Director, Jim Swartz, confirmed the discovery and detailed that the Meji NW-1 well was spud on September 2, 2024, and reached a total depth of 8,983 feet by September 13.

The field according to Chevron, is estimated to produce up to 17,000 barrels of oil per day (bpd) and was discovered by the Meji NW-1 well in Petroleum Mining Lease (PML) 49.

The well encountered approximately 690 feet of hydrocarbons within Miocene sands and extended the Meji field’s existing reserves.

Oduselu also announced that well operations were completed by October 2, and the drilling rig has since vacated the site.

The discovery is critical for Chevron and Nigeria, as it aligns with CNL’s goal of expanding its Nigerian resource base, particularly in onshore and shallow water regions.

This (also) supports Chevron’s broader global exploration strategy to find new resources that extend the life of producing assets in existing operating areas and deliver production with shorter development cycle times, Oduselu stated.

He emphasised that Chevron would continue its partnership with the Nigerian National Petroleum Corporation (NNPC) and other stakeholders further to develop the country’s oil and gas industry.

Chevron holds a 40% interest in Oil Mining Lease 49, which includes the Meji field, through a joint venture with NNPC. However, Chevron did not provide specific production timelines for the newly discovered field.

Production at the Meji field peaked at 51,000 bpd in 2005 but fell to around 17,000 boepd of oil equivalent per day, largely consisting of crude oil, dailytrust reported.

The discovery is expected to help offset these declines and boost the country’s overall output. Chevron’s new find contrasts with recent trends among other international oil companies (IOCs) operating in Nigeria.

READ ALSO: Cooking Gas, Kerosene Prices Increase in September —NBS Report

Many have been pulling out of the Niger Delta due to security concerns and shifting their focus toward more stable, deep-water ventures in Nigeria and other frontier regions such as Namibia and Guyana. Issues like pipeline sabotage, theft, and ageing infrastructure further compound this.

Recall that earlier this month, Nigerian National Petroleum Company Limited (NNPCL) increased the pump price of petrol at its retail outlets, as pump price increased to N1,030 after terminating its exclusive agreement with Dangote Refinery.

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