..Shifts Investment Focus to Short-Cycle Projects..Thank you for reading this post, don't forget to subscribe!
Chevron, one of the world’s major oil and gas companies, has prolonged its Agbami and Usan oilfield leases in Nigeria until 2042, as highlighted in the company’s 2022 Annual Report.
Operating the Agbami oilfield with a 67.3% interest, Chevron’s strategic move towards short-cycle projects suggests a focus on quicker returns on investment. The extension of leases provides long-term access to these assets, while the annual report notes that deepwater licenses’ extension in Nigeria and the Republic of Congo contributed significantly to the company’s African asset base.
Approximately 27% of Chevron’s net oil-equivalent production in 2022 occurred in OPEC+ member countries. The report also details expenditures on offshore development and natural gas projects, anticipating a 3% increase in net oil-equivalent production in 2023, subject to various factors and uncertainties.