Chevron Expands African Exploration as Oil Majors Exit Nigeria, Angola
TLDR
- Chevron Corp. expanding oil exploration in West Africa, targeting Nigeria, Angola, and Equatorial Guinea for production rebound opportunities
- Liz Schwarze, Chevron's VP of global exploration, emphasizes the region's untapped potential and attractiveness for investment
- Chevron acquires new blocks in Nigeria, deep-water licenses in Equatorial Guinea, and access to Angola's deepwater blocks 49 and 50 for exploration efforts
Chevron Corp. is expanding its oil exploration in West Africa, adding new acreage in Nigeria, Angola, and Equatorial Guinea, where it sees opportunities for a production rebound despite years of declining output.
The region, considered “hydrocarbon-rich and under-explored,” offers untapped potential, said Liz Schwarze, Chevron’s vice president of global exploration. While some oil majors are reducing their presence, Chevron is increasing its investment, acquiring multiple blocks. In Nigeria, where production has fallen by about 500,000 barrels per day over five years, Chevron recently acquired a stake in a new block and made a separate discovery.
The company also expanded into two deep-water licenses in Equatorial Guinea and plans new exploration efforts in Egypt and Namibia by year-end. Angola, which left OPEC last year after a production slump, has granted Chevron access to deepwater blocks 49 and 50.
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Key Takeaways
Chevron’s expansion in Africa highlights its commitment to frontier exploration, even as other oil majors shift focus or exit the continent after decades. West Africa’s hydrocarbon resources remain under-explored, offering it a strategic advantage in potentially revitalizing production in regions like Nigeria and Angola. As global oil companies increasingly prioritize investments in other regions, Chevron’s approach underscores the importance of Africa’s untapped reserves in its long-term strategy.
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