Chevron (CVX.US) announced on Tuesday that it plans to expand exploration areas in oil-producing countries in Africa such as Nigeria and Angola, despite the production decline in recent years, the company still sees the potential for production recovery.

Liz Schwarze, Vice President of Global Exploration at the group, pointed out that West Africa is a region rich in hydrocarbon resources in the world, but compared to other regions, exploration is relatively insufficient. While some peers are planning to withdraw, Chevron is increasing exploration in multiple blocks.