There are countries that, despite having billions of barrels of oil under their soil or waters, have serious problems in carrying out efficient management. In many of these cases, oil goes from being a blessing to being a nightmare, a source of corruption, conflicts and internal disputes. This is the case of Nigeria, where it is estimated that every year millions of barrels of crude oil are ‘lost’ or ‘disappeared’ due to mismanagement and sabotage. Nigeria is the country with the second largest crude oil reserves in Africa. Despite everything, companies continue investing in exploration waiting for something to change. A good example is the discovery of crude oil announced a few days ago by Chevron.
Chevron, in collaboration with the state-owned Nigerian National Petroleum Company (NNPC), has announced the discovery of a new oil field in the Niger Deltaas reported by the American company on October 18, 2024. This discovery was made in the PML 49 exploitation block, located in shallow waters west of the Delta, and extends the Meji production field.
The drilling reached a depth of 2,738 meters, finding 690 feet of hydrocarbons in Miocene sands. Operations concluded on October 2, according to Chevron. This discovery reinforces the company’s global strategy to extend the life of its productive assets and accelerate development cycles.
Miocene sands are geological formations that originated during the Miocene period, between 23 and 5 million years ago. These formations are mainly composed of sediments, sands and other materials that were deposited in ancient marine and terrestrial environments. Over millions of years, these sediments were covered by additional layers, generating the pressure and temperature conditions necessary for the transformation of organic matter into hydrocarbons, such as oil and natural gas.
Miocene sands are important in the oil industry because many of them contain large accumulations of oil. The organic matter that was trapped in these formations during their deposition was transformed into hydrocarbons under specific conditions of temperature and pressure. Because of this, Miocene formations are commonly targets for oil exploration in various parts of the world, including the Niger Delta, where Chevron has made its recent discovery. The presence of these sands indicates a favorable geological environment for the generation and storage of oil.
Hope for the Meji field
The Meji oil field is located in the Niger Delta region of Nigeria, in a shallow water area. This field began producing oil in 1969, after the discovery of important reserves in the 1960s.. Operated by Chevron in collaboration with the Nigerian National Petroleum Corporation, Meji has been a significant source of crude oil for Nigeria, with its production reaching a peak of 51,000 barrels per day in 2005. However, its production has declined over the years due to natural depletion. of the field, currently standing at about 17,000 barrels of oil equivalent per day. Chevron’s discovery in the area seeks to revitalize production, extending the useful life of the field.
Furthermore, this finding is a stimulus for the Nigerian authorities, in a context where other international oil companies have chosen to leave the region, seeking opportunities in deep waters or in other countries. Chevron, in contrast, has reaffirmed its commitment to Nigeria, with the country’s government praising the company’s decision to increase production in several of its key blocks by the end of 2024.
Chevron’s discovery comes at a crucial time for Nigeria, the largest oil producer in Africa. As explained by the International Energy Agency (IEA), supply in Nigeria was reduced by more than 50,000 barrels per day to 1.31 million barrels per day in September, with lower loads and weaker refining operations than expected. expected at the Dangote refinery. It is worth remembering that in 2005 it reached a peak of 2.45 million barrels per day. However, production has decreased due to lack of investment, aging fields and security problems, such as oil theft and sabotage of facilities and pipelines.
Nigeria has proven reserves of 36.9 billion barrels of oilwhich places it among the 10 countries with the most reserves worldwide. The country’s economy is highly dependent on oil revenues, which account for around 90% of its exports and a significant portion of GDP. However, this dependence has also made Nigeria vulnerable to fluctuations in crude oil prices and internal instability in the Niger Delta, where numerous spills and conflicts related to resource extraction have occurred.
With a population exceeding 200 million, Nigeria is the most populous country in Africa and the continent’s largest economy. However, it faces significant challenges, such as widespread poverty, youth unemployment and corruption, which means that the income generated by the oil sector does not always translate into improvements for the entire population.
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