THE NNPC Limited – Chevron Nigeria Limited Joint Venture (NNPC-CNL JV), yesterday, said it has made a major oil ‘discovery’ at the Meji NW-1 well in Petroleum Mining Lease, PML 49, offshore the Niger Delta.
After a successful drilling, the NNPC-CNL said the well was spudded on September 2, 2024, and the 8,983-ft depth was reached on September 13, 2024.
The NNPC-CNL joint venture confirmed that it encountered about 690ft of hydrocarbons within Miocene sands and successfully appraised an extension of the Meji field.
In a statement, General Manager, Policy Government and Public Affairs, Olusoga Oduselu, stated: “The NNPC Limited – Chevron Nigeria Limited Joint Venture (NNPC-CNL JV) has made a near-field discovery with the successful drilling of the Meji NW-1 well in Petroleum Mining Lease (“PML”) 49 within the shallow offshore area of the Western Niger Delta, which was recently converted to the PIA 2021 terms.
“The Well was spud on September 2, 2024, and reached a total depth of 8,983ft measured depth on September 13, 2024. The Well has encountered about 690ft of hydrocarbons within Miocene sands and successfully appraises an extension of the Meji field. Well operations were completed, and the rig left location on October 2, 2024.
“This accomplishment is consistent with CNL’s intention to continue developing and growing its Nigerian resources, including the onshore and shallow water areas and supports Chevron’s broader global exploration strategy to find new resources that extend the life of producing assets in existing operating areas and deliver production with shorter development cycle times.
“The NNPC-CNL JV will continue to collaborate with the Nigerian government and other stakeholders to support the development of the Nigerian oil and gas industry and the Nigerian economy in general.”
Meanwhile, there were indications, yesterday, that oil exploration dropped year-on-year, YoY, by 6.7 per cent in September 2024, due to limited investment in the upstream sector of the Nigeria’s petroleum industry.
The Organisation of Petroleum Exporting Countries, OPEC, indicated the development in the number of rigs deployed for operations during the period.
In the latest October 2024 Monthly Oil Market Report, OPEC indicated that on year-on-year, YoY basis, the nation’s oil exploration decreased by 6.7 per cent in September 2024, as the rigs dropped for exploration dropped to 14, from 15 recorded in the corresponding period of 2023.
But on month-on-month, MoM basis, the nation’s oil exploration remained flat as the number of rigs deployed remained flat at 14 in September 2024, same as recorded in the preceding month of August 2024.
However, speaking at the just-concluded African Oil Week, AOW, in Cape Town, South Africa, the Commission Chief Executive, Nigerian Upstream Petroleum Regulatory Commission (NUPRC), Engr. Gbenga Komolafe, said, the nation was working to conclude its 2024 Nigerian License Round.
Komolafe stressed Nigeria’s commitment to ensuring transparency, regulatory efficiency, and a favorable business environment for investors while outlining the strategic blocks available for licensing, showcasing the country’s vast untapped potential in hydrocarbons.