Chevron Advances Africa’s Energy Renaissance As Diamond Sponsor Of AEW 2023

As the role of Africa’s abundant resources assumes increasing global significance, exploration and production (E&P) activities are paramount to harnessing the continent’s potential. It is within this context that Chevron, a multinational energy corporation, reaffirms its commitment to Africa’s energy future by returning to the African Energy Week (AEW) conference as a Diamond Sponsor. This annual conference and exhibition, set to take place from October 16-20, 2023 in Cape Town, stands as Africa’s premier event for the energy sector and serves as the continent’s official meeting ground for key energy stakeholders.

The continued development of Africa’s energy sector remains a pivotal factor in driving the continent’s economic growth. Chevron, with its rich history spanning more than a century in Africa, plays a vital role in building on existing assets and exploring new opportunities across the continent. Today, Chevron ranks among the top petroleum producers in Nigeria and Angola. The company’s footprint extends to other African nations, including Benin, Cameroon, Egypt, Equatorial Guinea, Ghana, the Republic of Congo, and Togo.

In Nigeria, Chevron operates and has a 40% stake in eight concessions in the onshore and near-offshore Niger Delta regions through a joint venture with the Nigerian National Petroleum Corporation. The company also has interests in nine deepwater exploration and production blocks, with operational control of three. Notably, Chevron discovered the Agbami Field in 1998, a deepwater project connected to one of the world’s largest Floating Production, Storage, and Offloading vessels. Additionally, in 2020, Chevron launched an infill drilling program in the Niger Delta to boost production and counter field decline.

Continuing its expansion in Africa, the company recently announced its plans to commence its oil and natural gas exploration well in the Red Sea, offshore Egypt, during the first half of 2024. This undertaking accomplished its initial phase of activities, which included seismic surveys, geological studies, and geophysical data collection for the region, at an estimated expenditure of around $20 million. The company also signed a Memorandum of Understanding in February 2023 with Egypt’s government to reduce emissions, showcasing its commitment to environmental sustainability and collaborative efforts in mitigating climate change. Additionally, the company’s ongoing investments and commitment to research and exploration underscore its strategic partnership with Egypt and its ambition to position Egypt as a regional hub for energy exports.

In 2023, Chevron demonstrated its strong commitment to sustainable E&P activities by launching production at the Lifua-A project, an offshore field in Angola’s Block 0. Collaborating with the National Oil, Gas, and Biofuels Agency, Chevron’s phased approach includes the installation of a metallic platform, production wells, and injectors, aiming for an output of 6,500 barrels of oil per day. This endeavor showcases Chevron’s dedication to innovation and operational efficiency, effectively reducing waste and environmental impact. Notably, all equipment used in this project was locally manufactured in Angola, highlighting the company’s emphasis on cost-efficiency and sustainability. Block 0, where Chevron holds a 39.2% stake, remains a pivotal asset, with continuous efforts to improve energy production and sustainability practices.

Meanwhile, in Equatorial Guinea’s Block 1, Chevron maintains a 38% stake in the Aseng oilfield and the Yolanda natural gas field, and in Block O, holds a 45% interest in the Alen gas and condensate field. Chevron is also the operator of all three fields. Moreover, the company also operates in the Yoyo Block in Cameroon’s Douala Basin. Chevron’s commitment to Africa’s energy landscape extends to midstream development. The company maintains a substantial 36.7% interest in the West African Gas Pipeline Company Limited, which plays a pivotal role in supplying Nigerian natural gas to customers in Benin, Ghana, and Togo. This investment not only bolsters regional energy security but also contributes to economic growth and access to cleaner energy sources across West Africa. Chevron’s dedication to sustainable energy solutions remains at the forefront of its operations in the region.

“Chevron’s operations in Africa reflect its unwavering commitment to Africa’s energy sector. From Nigeria and Angola to Egypt and Equatorial Guinea, Chevron’s impact is undeniable. The company’s ongoing investments and collaborative efforts in emissions reduction initiatives demonstrate their proactive approach to environmental sustainability,” states NJ Ayuk, Executive Chairman of the African Energy Chamber (AEC).

Chevron’s return as a Diamond Sponsor at AEW 2023 reflects the company’s commitment to driving Africa’s energy renaissance. The company has long-represented a strong partner for many African countries, and as the continent accelerates the development and monetization of resources, Chevron will play a central part in facilitating this growth.