…The find comes as major oil majors are exiting Nigeria and recent commitment of Chevron to new investments in Nigeria.
FRI OCT 18 2024-theGBJournal| Chevron, the American multinational oil company and state-owned NNPC Limited today announced a major oil find in the shallow off-Shore area of the Western Niger Delta.
The find comes as major oil majors are exiting Nigeria and recent commitment of Chevron to new investments in Nigeria.
Chevron told S&P Global Insights in a statement today that the find was made by the Meji NW-1 spud, a representative of Chevron in the Petroleum Mining Lease 49 in the Niger Delta.
”This accomplishment is consistent with CNL’s (Chevron Nigeria Limited) intention to continue developing and growing its Nigerian resources, including the onshore and shallow water areas and support 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,” Chevron said in the statement.
Chevron is one the largest producer in Nigeria and one the biggest investors, with stakes in 62 assets.
The Company operates under a joint-venture arrangement with NNPCL for the onshore and offshore assets in the Niger Delta Region, with 40 percent interest in eight concessions.
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