Chevron Dives Deeper into Nigeria's Oil Patch
Chevron is doubling down on Nigeria's oil industry, despite other global supermajors trimming their exposure to the country's onshore oil patch in recent years. The San Ramon, California-based company has renewed and converted several joint-venture and deepwater leases since Nigeria's Petroleum Industry Act took effect in 2021, as part of a long-term bet on Africa's largest crude producer.
Chevron's chairman and managing director of Nigerian operations, Jim Swartz, pointed to continued investment across the company's portfolio even as the broader industry recalibrates around the PIA's new fiscal and regulatory terms. The company has recorded discoveries at Meji NW-1, Delta South AA, and Awodi-07 since the PIA's passage.
Chevron is also pressing ahead on two closely watched deepwater projects: Bonga Southwest/Aparo and Owowo/Usan. Seismic acquisition across multiple deepwater leases has been completed, laying groundwork for further exploration. The company plans to invest in infill drilling at the Agbami field and the non-operated Usan hub, moves aimed at offsetting natural decline rates that have weighed on Nigerian output as fields mature.