Chevron (CVX.US) has expanded its exploration areas in oil-producing countries in Africa such as Nigeria and Angola.
According to the WiseNews app, Chevron (CVX.US) has expanded its exploration areas in oil-producing countries in Africa such as Nigeria and Angola. Despite the long-standing decline in oil production in these countries, Chevron believes there is still potential for recovery.
Liz Schwarze, Vice President of Global Exploration at Chevron, stated that West Africa is "an area rich in hydrocarbons in the world, with relatively lower exploration compared to other regions." While some peers are preparing to exit the region, Chevron is increasing its presence in multiple blocks.
Schwarze mentioned that Chevron has acquired shares in a new exploration block in Nigeria and discovered an independent exploration block last month. It is reported that Nigeria's oil production has decreased by about 0.5 million barrels per day over the past five years. Chevron has also obtained extraction permits for two deepwater oil fields in Equatorial Guinea, where oil production is also declining.
"Action is the proof," said Schwarze.
As oil giants shift their investment focus elsewhere or completely withdraw after decades of operation, the production of the largest crude oil producing countries in Africa has fallen far below peak levels.
Schwarze stated that frontier exploration remains a key initiative for Chevron in searching for resources on the African continent. The company began drilling in Egypt this month and plans to conduct exploration activities in Namibia in December. In Angola, Chevron has increased its presence in Blocks 49 and 50. Angola withdrew from OPEC last year due to dissatisfaction with crude oil production quotas.