NNPC-CNL’s Oil Discovery At PML 49 Set To Boost Nigeria’s Energy

NNPC-CNL’s Oil Discovery At PML 49 Set To Boost Nigeria’s Energy

The NNPC Limited – Chevron Nigeria Limited Joint Venture (NNPC-CNL JV) announced a significant oil discovery at the Meji NW-1 well located in Petroleum Mining Lease (PML) 49, offshore the Niger Delta. The well, which was spudded on September 2, 2024, reached a depth of 8,983 feet by September 13, 2024, following successful drilling operations…..CONTINUE READING 

The NNPC-CNL JV revealed that the well encountered approximately 690 feet of hydrocarbons within Miocene sands, confirming the successful appraisal of an extension of the Meji field.

In a statement, Olusoga Oduselu, General Manager of Policy, Government, and Public Affairs, said: “The NNPC-CNL JV has achieved a near-field discovery with the successful drilling of the Meji NW-1 well in PML 49, located in the shallow offshore region of the Western Niger Delta, now operating under the terms of the Petroleum Industry Act (PIA) 2021.

“The well was spudded on September 2, 2024, and reached a total measured depth of 8,983 feet on September 13, 2024. We encountered around 690 feet of hydrocarbons within Miocene sands and have successfully appraised an extension of the Meji field. Operations were completed, and the rig was demobilized on October 2, 2024.

“This achievement aligns with Chevron’s ongoing commitment to developing its Nigerian resources, both onshore and in shallow waters. It also supports Chevron’s global exploration strategy, focusing on extending the life of current assets and delivering quicker production results in established regions.”

The NNPC-CNL JV reaffirmed its commitment to continued collaboration with the Nigerian government and stakeholders to support the growth of the Nigerian oil and gas sector and the country’s economy.

Meanwhile, there were reports indicating a 6.7% year-on-year decline in oil exploration activities as of September 2024, mainly due to reduced investment in Nigeria’s upstream sector. According to OPEC’s October 2024 Monthly Oil Market Report, the number of rigs in use for oil exploration decreased from 15 in September 2023 to 14 in September 2024.

At the African Oil Week (AOW) in Cape Town, South Africa, Nigerian Upstream Petroleum Regulatory Commission (NUPRC) Chief Executive, Engr. Gbenga Komolafe, confirmed that Nigeria is working towards concluding the 2024 Nigerian License Round. Komolafe emphasized the nation’s commitment to creating a transparent and investor-friendly environment, highlighting key strategic blocks available for licensing to tap into Nigeria’s untapped hydrocarbon potential.