Chevron Nigeria Limited has recorded its third successful oil discovery since late 2024, showing that recent government reforms are helping to attract more investment into Nigeria’s oil sector.

The discovery was made at the Awodi-07 well in the shallow offshore western Niger Delta, a joint project between Chevron and the Nigeria National Petroleum Company Limited (NNPC). The well, drilled to a depth of 12,420 feet, revealed about 675 feet of oil-bearing rock.

This includes 310 feet from known reservoirs and 365 feet across six new exploration layers. Operations, including sampling, were completed in under three weeks, and the well has now been plugged and suspended.

Jim Swartz, Chevron Nigeria’s chairman and managing director, said the success shows the strength of Chevron’s exploration program and the benefits of working closely with NNPC.

Kevin McLachlan, Chevron’s vice president for exploration, added that the discoveries fit the company’s strategy of focusing on areas where existing infrastructure can speed up production and reduce costs.

The timing of the discovery is significant for Nigeria, which has struggled to meet oil production targets in recent years due to pipeline theft, delays in approvals, and competition from projects in other countries. The Petroleum Industry Act of 2021, which clarified regulations and offered tax incentives, has made it easier for companies to invest in the sector.

Analysts say Chevron’s shallow-water discoveries support Nigeria’s goal of increasing oil production and extending the life of existing fields while keeping costs under control. The partnership also highlights the importance of collaboration between the government, regulators, and oil companies as Nigeria competes for global investment.