Would you like to receive notifications on latest updates of the following headlines?

Nigeria discover New Oilfield

POSTED ON October 20, 2024 •   BREAKING NEWS      BY Abiodun Saheed Omodara
Chevron Nigeria Limited (CNL)

Chevron Nigeria Limited (CNL) has announced the discovery of a new oil field in Nigeria.

The “new gold mine” estimated to hold 17,000 barrels of oil per day (bpd), is located in the shallow offshore area of the Niger Delta.

The development is expected to boost Nigeria’s ailing oil production.

According to Chevron, the “near-field discovery” was made by the Meji NW-1 spud in Petroleum Mining Lease 49.

Chairman and Managing Director of Chevron, Jim Swartz, confirmed the discovery in a statement on Friday issued by its General Manager of Policy Government and Public Affairs, Olusoga Oduselu.

Oduselu stated that the Well was spud on September 2 and reached a total depth of 8,983ft measured depth on September 13, 2024.

He noted that the Well encountered about 690 ft of hydrocarbons within Miocene sands and appraised an extension of the Meji field.

The Chevron spokesperson said Well operations were completed, while the rig left the location on October 2.

Oduselu added that the accomplishment is consistent with CNL’s intention to continue developing and growing its Nigerian resources including onshore and shallow water areas.

“This (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 NNPC-CNL JV will continue to collaborate with the Nigerian government and other stakeholders to support the development of the Nigerian oil and gas industry and the Nigerian economy in general”, he added.

The country’s oil production has been on the decline recently over sabotage, theft, ageing and ailing infrastructure.

Data from S&P Global Commodity Insights showed Chevron holds a 40 percent interest in Oil Mining License (OML) 49 alongside NNPC in a joint venture.

Further findings showed production from the Meji field peaked at 51,000 bpd in 2005, but has since fallen to some 17,000 boepd, most of it crude oil.

Discoveries were first made on the licence in 1965, with production starting four years later.

Chevron did not offer a timeline for production at Meji NW-1 or any detail on how much the asset could produce.

However, the find is a fillip for Nigeria’s economy and illustrates the contrast with Chevron’s peers.

Many of them are exiting the Niger Delta in their droves in favour of deep-water opportunities in Nigeria, less risky jurisdictions and frontiers like Namibia and Guyana.

The new field is expected to help offset some of these declines and boost Nigeria’s oil production.

It is also expected to create jobs and generate revenue for the local communities where it is located.

Eni has already quit the Nigerian onshore and shallow water, selling its business to local firm Oando.

READ ALSO
South-West Demands Five New States and Constitutional Recognition for Traditional Rulers in Ongoing Constitutional Review
BY Abiodun Saheed Omodara July 4, 2025 0

The demand for the establishment of five new states, the recognition of traditional rulers in the co...

READ ALSO
Federal High Court Orders Reinstatement of  Natasha Akpoti-Uduaghan, Calls Suspension "Excessive"
BY Abiodun Saheed Omodara July 4, 2025 0

A Federal High Court in Abuja ruled on Friday that the Nigerian Senate exceeded its authority by sus...

READ ALSO
Calls for Autopsy: Ondo Govt. Faces Pressure to Exhume Late Governor Akeredolu's Body
BY Abiodun Saheed Omodara June 30, 2025 0

The Ondo State Government may need to exhume the body of the late governor, Oluwarotimi Akeredolu, f...

READ ALSO
Tinubu to Discuss Sustainable Governance at BRICS Summit in Rio
BY Abiodun Saheed Omodara June 29, 2025 0

President Bola Tinubu arrived in Vieux Fort, Saint Lucia, on Saturday for the first leg of his two-p...

READ ALSO
Reps Launches Committee to Review CNG Policy Implementation
BY Abiodun Saheed Omodara June 27, 2025 0

The House of Representatives has formed an ad-hoc committee tasked with examining the Federal Govern...

READ ALSO
Nigeria Takes Bold Step towards Energy Independence with Naira-Based Crude Sales Initiative
BY Abiodun Saheed Omodara June 25, 2025 0

The Nigeria Export Processing Zones Authority, alongside the Federal Government’s One-Stop-Sho...

READ ALSO
IPMAN Links Rising Petrol Prices to Crude Oil Costs and Market Dynamics
BY Abiodun Saheed Omodara June 24, 2025 0

ABUJA, Nigeria (NAN) - The Public Relations Officer of the Independent Petroleum Marketers Associati...

READ ALSO
Tinubu Launches National Mechanised Farming Programme to Tackle Food Insecurity
BY Abiodun Saheed Omodara June 23, 2025 0

In a bid to combat food insecurity and encourage youth participation in farming, President Bola Tinu...

OUR CHANNELS:

Senate Calls for Reassessment of Nigeria's Power Sector Strategy
BY Abiodun Saheed Omodara July 13, 2025 0

The Senate has urged the Federal Government to reconsider its strategy regarding the power sector, a...


Local Government Autonomy: Promises Unfulfilled as State Governors Retain Financial Control
BY Abiodun Saheed Omodara July 13, 2025 0

One year after the Supreme Court granted full autonomy to Nigeria's 774 local government areas, the...


LASIEC Guarantees Free and Fair Elections Amidst Ballot Box Snatching Concerns
BY Abiodun Saheed Omodara July 11, 2025 0

LAGOS, Nigeria - The Lagos State Independent Electoral Commission has stated that any instance of ba...


Trump Hosts African Leaders at the White House to Explore Business Opportunities
BY Abiodun Saheed Omodara July 13, 2025 0

United States President Donald Trump On Wednesday, welcomed the Presidents of Gabon, Guinea-Bissau,...


Crypto Bridge Exchange Collapse Sparks Urgent Senate Inquiry into Ponzi Schemes
BY Abiodun Saheed Omodara July 11, 2025 0

The Senate initiated an extensive investigation into the surge of Ponzi schemes across the nation, o...


IMF Commends FIRS for Reforms, Pledges Continued Support
BY Abiodun Saheed Omodara July 12, 2025 0

The International Monetary Fund has expressed its support for the ongoing reforms at the Federal Inl...


Police Enforce Total Vehicle Ban on Election Day to Ensure Safety
BY Abiodun Saheed Omodara July 13, 2025 0

LAGOS, Nigeria - Ahead of the local government elections set for Saturday, July 12, 2025, the Lagos...


IRCC Raises Minimum Proof of Funds for Immigrants: New Threshold Set at CAD $15,262
BY Abiodun Saheed Omodara July 13, 2025 0

Immigration, Refugees and Citizenship Canada (IRCC) has initiated a review of the settlement fund cr...


Nigeria Urges U.S. to Reassess New Visa Restrictions Amid Concerns Over Reciprocity
BY Abiodun Saheed Omodara July 13, 2025 0

The government of President Bola Tinubu has called on the U.S. government to reassess its visa restr...


Vigilante Leader Vows to Continue Fight against Banditry Despite Heavy Losses
BY Abiodun Saheed Omodara July 12, 2025 0

A vigilante leader in Wase Local Government Area of Plateau State, Abdullahi Hussaini, has pledged t...


More Articles

Load more...

Menu