Since Chevron’s completion of its acquisition of Noble Energy in October 2020, for a whopping sum of $5 billion. Noble Energy, a US oil and gas company, has been operating in offshore West Africa with assets in Equatorial Guinea, the Alba, Aseng, and Alen fields.
Chevron has, since then, established a firm presence in Equatorial Guinea. The global energy giant recently signed two new PSCs for Blocks EG-06 and EG-11 alongside GEPetrol, representing a $2 billion investment. These two deepwater blocks were previously operated by ExxonMobil, which exited the country earlier in 2024.
Located near the Zafiro field, the blocks include deepwater acreage and a prior discovery at Avestruz-1. These agreements highlight the renewed confidence of international oil companies in Equatorial Guinea’s resource base and fiscal framework as the country positions itself for a new era of exploration-led growth.
In January 2024, Chevron announced major investments in Nigeria, which included securing $1.4 billion in financing for a deep and shallow water infill drilling program through its NNPCL/Chevron Joint Venture (JV).
The drilling program focuses on the shallow offshore and onshore Escravos region and also includes drilling 37 wells and constructing associated facilities. But in late 2024, Chevron completed the sale of its onshore Nigerian assets, including Equinor’s stake in the Agbami oil field, to Chappal Energies for up to $1.2 billion.
Chevron’s recent investment growth in Nigeria includes a farm-in into OPL 215 to boost deepwater development opportunities, the signing of a 20-year renewal of 3 deepwater leases, completion of seismic data acquisition in our deepwater leases, the ongoing shallow water infill drilling program utilizing 2 rigs, drilling of exploration wells, and fast-tracking production from our Meji NW discovery.
The company’s completion of seismic data acquisition across several of its deepwater leases has equally positioned the company for future exploration opportunities. Chevron’s planned infill drilling program will mitigate production decline in the operated Agbami Field and the non-operated Usan Field, as well as support the continued maturation of the non-operated Owowo development.
