Chevron, NNPC Announced New Oil Discovery in the Niger Delta

SEATTLE (Oil Monster): Chevron Nigeria Limited and the Nigerian National Petroleum Corporation (NNPC) have reported a major oil discovery in the Niger Delta region. The discovery was made by the Meji NW-1 well in Petroleum Mining Lease 49 (PML 49), which is located offshore the Western Niger Delta.

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Olusoga Oduselu, Chevron's General Manager of Policy, Government, and Public Affairs, disclosed this. According to him, the well reached a depth of 8,983 feet and found 690 feet of hydrocarbons in Miocene sands. The well was spudded on September 2, 2024. The official announcement from officials also stated that the well operations were completed on October 2.

The new discovery is consistent with Chevron's commitment to further developing and expanding its Nigerian resources. Furthermore, it is consistent with the company's objective of identifying new resources that extend the life of existing productive assets. It should be noted that Chevron has a 40% ownership in PML 49. Chevron's sustained investment comes amid the withdrawal of activities in the region by international oil corporations such as Eni, Shell, ExxonMobil, Equinor, and TotalEnergies.

The oil discovery is expected to strengthen Nigeria's offshore potential and provide a significant boost to the country's burgeoning oil and gas industry.