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

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

543

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.

About The Author

Leave a comment

Leave a Reply

Your email address will not be published. Required fields are marked *

Related Articles

EducationNews

Nigeria Establishes More ‘Chinese Corner’ as Mandarin Added to Senior Secondary Curriculum

The Federal Capital Territory (FCT) has expanded its cultural and educational partnership...

Nigeria: Tinubu Regime Suspends Illegal State of Emergency Rule in Rivers State
News

Nigeria: Tinubu Regime Suspends Illegal State Of Emergency Rule In Rivers State

The Bola Tinubu-led regime has suspended the illegal state of emergency rule...

Ghana's transit trade
NewsTravel

Ghana Defends Decision to Accept U.S. Deportees, Rejects Claims of Endorsing Trump’s Immigration Policy

Ghana’s government has defended its decision to accept West African migrants deported...

In a ministerial meeting of the Confederation of Sahel States (AES) held in Bamako on January 16, 2025, key decisions emerging from the session include establishing a Regional Investment Bank and launching transformative infrastructure projects across member states.
News

Niamey Hosts Second Meeting Of Justice Ministers of CSS, Discussions Focus on Judicial Reforms and Regional Integration

Niamey on Monday played host to the second meeting of justice ministers...