Chevron Nigeria Limited (CNL) has recently made an important discovery in Nigeria, unveiling a new oil field located in the shallow offshore region of the Niger Delta. This newly found field is estimated to produce around 17,000 barrels of oil per day, which could significantly boost Nigeria’s struggling oil sector.
The discovery is described as a “near-field” find, made during the drilling of the Meji NW-1 well in Petroleum Mining Lease 49. Jim Swartz, the Chairman and Managing Director of Chevron, confirmed the news in a statement released by Olusoga Oduselu, the General Manager of Policy, Government, and Public Affairs.
Oduselu shared that drilling began on September 2 and reached a depth of 8,983 feet by September 13, 2024. The well encountered approximately 690 feet of hydrocarbons within Miocene sands and also extended the existing Meji field.
After successfully completing the drilling operations, the rig left the site on October 2. Oduselu emphasized that this achievement is part of CNL’s ongoing commitment to develop and expand its resources in Nigeria, especially in onshore and shallow water areas.
He remarked, “This supports Chevron’s broader global exploration strategy to find new resources that can extend the life of producing assets in existing operating areas and deliver production with shorter development cycles.”
The partnership between NNPC and CNL plans to work closely with the Nigerian government and other stakeholders to support the development of the oil and gas industry in Nigeria, which is crucial for the country’s economy.
This discovery comes at a critical time as Nigeria’s oil production has been facing challenges, including theft, sabotage, and aging infrastructure. Recent data from S&P Global Commodity Insights indicates that Chevron holds a 40% interest in Oil Mining License (OML) 49 alongside NNPC in a joint venture.
Historically, production from the Meji field peaked at 51,000 barrels per day in 2005, but it has since dropped to around 17,000 barrels of oil equivalent per day. While Chevron has not announced a timeline for when production at the new Meji NW-1 well will begin, this discovery is a promising development for Nigeria’s economy.
Moreover, this find contrasts with many other oil companies that are exiting the Niger Delta in favor of exploring less risky deep-water opportunities in countries like Namibia and Guyana. The new field is expected to help offset production declines and provide job opportunities and revenue for local communities.
Overall, Chevron’s new oil field discovery marks a significant step forward for Nigeria’s oil sector, potentially revitalizing its production and economic growth.
