Chevron Nigeria announces new oil discovery in the Niger Delta 

The discovery, described as a “near-field find,” was made by the Meji NW-1 spud within Petroleum Mining Lease 49, according to a statement from Chevron dated October 18.

The block lies in the shallow offshore zone of the Western Niger Delta.

Drilling reached a depth of 8,983 feet, encountering 690 feet of hydrocarbons within Miocene sands, expanding the existing Meji field. Chevron noted that well operations were finalized on October 2.

In the statement, the company explained that the discovery aligns with Chevron’s broader global exploration strategy to identify new resources that prolong the lifespan of existing assets and facilitate production with shorter development cycles.

Chevron operates Petroleum Mining Lease (PML) 49 in partnership with the Nigerian National Petroleum Company (NNPC) under a joint venture, holding a 40% stake while NNPC owns the remaining share. The block, formerly known as Oil Mining Lease (OML) 90, was recently reclassified in accordance with the Petroleum Industry Act of 2021.

The statement reads, “This accomplishment is consistent with CNL’s intention to continue developing and growing its Nigerian resources, including the onshore and shallow water areas and 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.”  

Chevron operates Petroleum Mining Lease (PML) 49 in partnership with the Nigerian National Petroleum Company (NNPC) under a joint venture, with the US company holding a 40% stake and NNPC owning the remainder. The block, previously known as Oil Mining Lease (OML) 90, was recently reclassified under the Petroleum Industry Act of 2021.

Data from S&P Global Commodity Insights shows that production from the Meji field peaked at 51,000 barrels per day in 2005 but has since declined to around 17,000 barrels of oil equivalent per day, primarily crude oil. The license saw its first discoveries in 1965, with production commencing four years later.

The new oil when operational will boost Nigeria’s weak crude oil production levels. President Tinubu last year set a target of raising the country’s crude oil production to 4 million barrels per day by 2030 amid the exit of multinationals from onshore operations.

In the last few years, oil majors such as ENI, AGIP, Shell and Exxon Mobil have announced and for some completed the sale of onshore oil and gas assets.