Can you update us on Chevron’s recent news in Nigeria? 

Chevron’s Nigeria and Mid-Africa Business Unit is embarking on a journey to improve and grow our business, which we refer to as our “North Star”, which is focused on improving base business performance, monetizing existing gas resources and growing our crude oil production. 

Our recent efforts include committing to further exploration and development by converting all our legacy Nigerian National Petroleum Company Limited/Chevron Nigeria Limited joint venture (JV) leases under the Petroleum Industry Act, executing a two-rig shallow water drilling program in the JV as part of our efforts to improve the current production base, and the discovery of a new oil field in the Meji NW-1 well located in Petroleum Mining Lease (PML) 49 in the Western Niger Delta. 

Also important was signing of 20-year renewals of our deepwater leases Oil Mining Lease (OML) 128, PML 52, OML 132, and OML 138, and our recent entry into OPL 215 to boost deepwater development opportunities. Completion of seismic data acquisition across several of our deepwater leases positions us for future exploration opportunities. We also plan infill drilling to mitigate production decline in our operated Agbami Field and the non-operated Usan Field as well as support for continued maturation of the non-operated Owowo development.

What is your outlook on Nigeria’s offshore potential?

Nigeria’s offshore potential is substantial, with significant deepwater oil and gas development opportunities. Chevron’s recent stake acquisition in OPL 215 highlights its commitment to expanding its offshore presence. Offshore development is crucial for Nigeria and vital for maintaining and increasing Nigeria’s oil production capacity, contributing significantly to the country's economy and energy security.  

Could you provide an assessment of the natural gas business and environment in Nigeria?

Chevron continues to enhance gas utilization in Nigeria and the region, focusing on providing gas for domestic power generation, fertilizer production, and gas supply to the West African region. The company's overall gas strategy aims to achieve cleaner energy, reduce routine gas flaring, and build a profitable gas business. We plan to continue the journey we started with the Escravos Gas Plant, Escravos Gas-To-Liquids facility, and the West Africa Gas Pipeline. 

Despite challenges, Nigeria's natural gas sector has significant growth potential with abundant natural gas reserves, presenting significant opportunities for the country and the region. The Decade of Gas initiative by the Federal Government of Nigeria is driving a strategic shift towards prioritizing natural gas for industrial development and domestic use. We believe that the future of energy is lower carbon, and natural gas is an important fuel, that will play a critical role as the world seeks to lower its overall carbon footprint.  

Can you discuss Chevron’s ESG commitments in Nigeria?

Chevron was awarded the ‘Sustainable Energy Business’ award at the 2025 Nigeria International Energy Summit (NIES) for its long-term commitment to social and economic development through sustainable practices. At Chevron, we prioritize sustainability expectations, environmental stewardship, social responsibility, governance, and compliance. 

Chevron’s Nigerian community development programs focus on health, education, and economic development, while our environmental actions focus on reducing carbon emissions and promoting sustainable energy practices.  This has significantly reduced routine gas flaring in our operations in the past 10 years.  We have been actively involved in social and environmental initiatives, including mangrove restoration, environmental conservation, and support for local communities. 

What is the company’s outlook for the coming 12 months?

Chevron takes a long view of Nigeria, and we look forward to being a part of Nigeria's prosperous future. Energy demand is projected to continue to rise from current record highs well into the future. Chevron is responding by increasing our oil and gas production in ways that are affordable, reliable, and ever cleaner. Chevron’s outlook for the future includes a strong focus on operational excellence, continued investment across our portfolio in deepwater, shallow water and swamp, advancements in lowering carbon intensity of our operations, improving base business, and a keen focus on efficiency and innovation. Chevron aims to grow production through planned infill drilling and exploration activities, demonstrating its commitment to future growth in Nigeria.