A new oil field estimated to hold 17,000 barrels of oil per day (bpd), discovered by Chevron Nigeria Limited (CNL), a subsidiary of Chevron Corporation, is expected to boost Nigeria’s ailing oil production.
Representatives of Chevron told S&P Global Commodity Insights that the “near-field discovery” located in the shallow offshore area of the Western Niger Delta, was made by the Meji NW-1 spud in Petroleum Mining Lease 49.
In a statement dated October 18, the company said, “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.”
The discovery of the new field comes at a time when Nigeria is facing challenges in its oil sector. The country’s oil production has been declining in recent years due to a variety of factors, including sabotage, theft, and ageing 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.
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