Chevron has reported a new hydrocarbon discovery in Nigeria through its partnership with Nigerian National Petroleum Company Limited, following the successful drilling of the Awodi-07 well in the shallow offshore Niger Delta. Local reports indicate the well intersected multiple hydrocarbon-bearing intervals containing both crude oil and natural gas. While the results suggest commercially viable reservoirs, recoverable volumes have not yet been disclosed.
Exploration Status and Development Outlook
The Awodi-07 discovery adds to ongoing drilling activity in the Niger Delta basin, one of Africa’s longest-producing oil and gas regions. Chevron Nigeria Limited, the group’s local subsidiary and technical operator, has not taken a final investment decision on field development. Additional appraisal work is expected to define reservoir characteristics, commercial thresholds, and development options.
Production Targets and Regulatory Context
Nigeria continues to pursue higher hydrocarbon output, with current production estimated at about 1.5 million barrels per day, according to the Nigerian Upstream Petroleum Regulatory Commission. Authorities are targeting output of 2 million barrels per day over the medium term, with new discoveries viewed as necessary to support that objective.
Chevron has reiterated its commitment to Nigeria despite reduced exposure by several international oil companies in recent years. The company previously dismissed speculation around a possible exit, signalling continued engagement in the country.
Chevron operates primarily through a joint venture with NNPC Ltd, holding a 40% interest. Its asset base includes shallow offshore and deepwater fields, with interests in multiple oil and gas blocks across the Niger Delta and offshore Nigeria. The portfolio spans producing assets, mature fields, and exploration acreage, with net production of about 122,000 barrels per day in 2024, including output from Niger Delta assets and the deepwater Agbami field.
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