INSUBCONTINENT EXCLUSIVE:
Chevron Corporation has set its sights on expanding oil exploration in Africa
vast hydrocarbon resources
relatively underexplored compared to other parts of the world
The company sees this as an opportunity for significant discoveries and production growth.In Nigeria, Chevron recently made a promising oil
discovery in the Niger Delta
The find has the potential to produce up to 17,000 barrels per day.This discovery was made with the Meji NW-1 well in Petroleum Mining Lease
The area is located in the shallow offshore region of the Western Niger Delta.Chevron Ramps Up Oil Exploration in Nigeria and Angola
The country left OPEC last year due to declining crude production
The company has begun drilling a well in Egypt.It also plans to launch an exploration campaign in Namibia in December
Many international oil companies are expanding exploration in deep and ultra-deep waters
The continent holds 125.3 billion barrels of proven oil reserves
It also has 509 trillion cubic feet of natural gas
These figures represent 7.5% and 7.1% of the global total, respectively.However, challenges persist in the African oil and gas sector
Both Nigeria and Angola have struggled to meet their OPEC quotas
Nigeria faces issues with aging infrastructure and security concerns.Angola has suffered from a lack of new investments
Infrastructure development remains a key challenge
The continent needs well-connected transportation networks.Building pipelines, ports, and roads is crucial for moving oil and gas resources
Investment in African oil and gas exploration is on the rise.In short, total capital expenditures increased from $3.4 billion in 2020 to
