Chevron Extends Nigeria’s Agbami and Usan Oilfield Leases to 2042

Date:

..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.

Godwin Okafor
Godwin Okaforhttps://naija247news.com
Godwin Okafor is a veteran Financial Journalist, Internet Social Entrepreneur, and the visionary Founder of Naija247news Media Limited. With an extensive career spanning over 16 years in financial journalism, Godwin possesses a wealth of experience that seamlessly bridges both traditional and digital media landscapes. His journey in journalism commenced at Business Day, Nigeria, where he laid the foundation for his prolific career. In 2010, Godwin took a bold step by founding Naija247news Media, a platform that has since become a prominent player in delivering timely and accurate news. Educationally, Godwin Okafor holds a Bachelor's degree in Industrial Relations and Personnel Management from the prestigious Lagos State University, Ojo, Lagos. His commitment to continuous learning led him to the Lagos Business School, where he further honed his skills. Additionally, he is recognized as a Fellow of the University of Pennsylvania, having successfully completed the Wharton Seminar for Business Journalists. Throughout his illustrious career, Godwin has earned acclaim by winning numerous journalism awards, a testament to his dedication to excellence in reporting. Beyond his role as a Financial Journalist, Godwin Okafor wears the hat of the Chairman at Emmerich Resources Limited, the publishing entity behind Naija247news. His visionary leadership has played a pivotal role in shaping the media landscape and establishing Naija247news as a trusted source of information. Godwin Okafor's multifaceted expertise, commitment to journalistic integrity, and leadership in the realm of business journalism underscore his influential presence in both the media and entrepreneurial spheres.

Share post:

Subscribe

Popular

More like this
Related

Navy Apprehends 2 suspected fuel smugglers, seizes 5,100 litres of petrol

February 25, 2024. Azonuchechi Chukwu. The Nigerian Navy, Forward Operation Base,...

NDLEA nabs grandpa, vigilance commander, others for dealing in illicit drugs

February 25, 2024. Azonuchechi Chukwu. The National Drug Law Enforcement Agency...

Troops Eliminate Bandit Warlords, Baldo, Baban Yara in ‘Deadly Operation’

February 25, 2024. Azonuchechi Chukwu. Two wanted armed bandits' leaders, Baldo...

Obasanjo: Over 80% Of Nigeria’s Crude Oil Is Stolen

Feb 25,2024. Former President Olusegun Obasanjo stated that one of...
WP to LinkedIn Auto Publish Powered By : XYZScripts.com