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Chevron’s New Oil Discovery to Bolster Nigeria’s Energy Prospects

Chevron Nigeria Limited (CNL) has made a critical oil discovery in the shallow offshore area of Nigeria’s South-South region, offering a timely lifeline to Nigeria’s faltering oil production sector.

The new field, capable of producing an estimated 17,000 barrels of oil per day (bpd), is expected to significantly enhance the nation’s energy output and improve its economic standing in the global oil market.

This announcement was made on Friday by Jim Swartz, Chairman and Managing Director of Chevron, through a statement issued by Olusoga Oduselu, the company’s General Manager of Policy, Government, and Public Affairs.

The discovery, labeled a “near-field” find, was achieved through the Meji NW-1 spud located within Petroleum Mining Lease 49.

Chevron revealed that drilling operations on the Meji NW-1 Well began on September 2, 2024, and reached a total depth of 8,983 feet by September 13.

After successfully completing well operations, the rig departed from the site on October 2. The well encountered approximately 690 feet of hydrocarbons within Miocene sands, further appraising the extension of the existing Meji field.

This discovery comes at a pivotal moment for Nigeria, whose oil production has struggled in recent years due to issues ranging from pipeline vandalism to outdated infrastructure.

Chevron’s new find offers a beacon of hope, suggesting that the country’s offshore resources still hold significant potential for development.

Chevron emphasized the broader implications of this success for its Nigerian operations.

“This discovery aligns with our commitment to growing Nigeria’s onshore and shallow water resources,” Swartz noted. “It also reflects Chevron’s global exploration strategy to locate new resources that extend the lifespan of existing assets and deliver production with shorter development timelines.”

In collaboration with the Nigerian National Petroleum Corporation (NNPC), Chevron’s operations are part of a joint venture aimed at ensuring the sustainable development of Nigeria’s oil and gas sector.

The NNPC-CNL partnership is viewed as vital to the economic growth of Nigeria, which remains heavily reliant on oil revenues.

The timing of this discovery could not be more critical for Nigeria, which has seen its oil output decline due to operational challenges.

As global demand for oil remains high, Chevron’s discovery positions Nigeria to regain some of its lost production capacity, bolstering both domestic energy security and its export potential.

The success of the Meji NW-1 well underscores Chevron’s role as a major player in Nigeria’s energy sector and its ongoing commitment to tapping into the country’s untapped oil reserves.

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