The Vice President of Global Exploration at Chevron, Chevron Corporation, Liz Schwarze, has said the multinational has plans to increase its exploration holdings in African oil producers such as Nigeria and Angola.

She said the company was desirous to increase its exploration efforts due to the anticipated potential for a production rebound in both countries, despite years of decline. Schwarze disclosed this during an interview with Bloomberg yesterday.

She said that West Africa was a hydrocarbon-rich region that is relatively under-explored compared to other parts of the world. “This is such a hydrocarbon rich part of the world and relatively underexplored compared to other jurisdictions.

The proof is in the action,” Schwarze said. It was gathered that Chevron Nigeria’s plan to increase oil exploration followed a recent oil discovery in the Niger Delta. The field is said to have the potential to produce up to 17,000 barrels per day.

The discovery, which was termed: a “near-field find,” was made with the Meji NW-1 well within Petroleum Mining Lease 49, according to a statement from Chevron released on October 18. The block is located in the shallow offshore region of the Western Niger Delta.

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