Chevron Nigeria Limited has found a new oil field in the shallow offshore area of the Western Niger Delta. The new oil field was estimated to hold 17,000 barrels of oil per day.
Chevron, one of Nigeria’s biggest oil producers, works with the Nigerian National Petroleum Company (NNPC) Limited in a joint venture to manage onshore and offshore assets in the region.
According to the report, the new field was discovered in the Meji NW-1 within Petroleum Mining Lease 49.
It was noted that the drilling was approximately 8,983 depth and 690 feet of hydrocarbons within Miocene sands when the crude was discovered.
The new field is expected to boost Nigeria’s overall crude oil output, address production decline challenges of the petroleum sector, and improve service to Nigerians.
It would also enhance Nigeria’s job creation by employing individuals to work on the field.
“This accomplishment is consistent with Chevron Nigeria Limited’s intention to continue developing and growing its Nigerian resources, including the onshore and shallow water areas,” the report stated.
“It 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,” the report added.
Before this discovery, S&P Global Commodity Insights data showed a drop in oil production from the Meji field. The data revealed that daily crude oil output fell from 51,000 barrels in 2005 to 17,000 barrels in 2024, representing a 66.67% decrease.
SOURCE: Investorsking