Chevron Sets Eyes on New Global Oil Field Discoveries

By Naija Enquirer Staff

Oil major Chevron has announced a major leadership change in its global exploration division as part of efforts to strengthen its performance in discovering new oil and gas reserves around the world.

Under the company’s new structure, Kevin McLachlan has been appointed Vice President of Exploration, effective November 1, succeeding Liz Schwarze, a veteran executive who will retire in February 2026 after 36 years with the company.

McLachlan joins Chevron with extensive experience at leading international oil firms, including TotalEnergies, where he served as Senior Vice President of Exploration. He has also held key positions at Murphy Oil, Nexen, and ExxonMobil.

CEO Seeks Stronger Exploration Results

Chevron’s Chief Executive Officer, Mike Wirth, said the leadership shift underscores the company’s renewed focus on revitalizing its exploration strategy and improving its track record in finding new hydrocarbon resources.

“I’m not happy with the results out of exploration over the last few years,” Wirth said during the company’s second-quarter earnings call in August. “Exploration needs to play a more important role in our long-term strategy.”

Wirth admitted that Chevron’s exploration team had been operating within a narrow investment range as the company concentrated on U.S. shale development and capital discipline. However, with its recent acquisition of Hess Corporation completed in July, Chevron’s oil and gas reserves have received a significant boost, setting the stage for a more aggressive global push.

New Frontiers: Suriname, Namibia, and Egypt

According to Mark Nelson, Chevron’s Vice Chairman, the company plans to intensify exploration efforts in promising frontier markets including Suriname, Namibia, and Egypt.

Chevron is optimistic that its renewed exploration focus will yield commercial success despite recent challenges. Earlier in 2024, the company reported that an exploration well drilled in Namibia’s Orange Basin did not result in commercial hydrocarbon findings. Similarly, Shell was forced to write down $400 million after deeming its discovery in the same basin commercially unviable.

Strategic Outlook

Industry analysts believe that Chevron’s leadership transition and strategic focus on high-potential regions signal the company’s intent to diversify its production base and sustain long-term growth amid global energy transition pressures.

“The reshuffle reflects Chevron’s recognition that organic exploration success must complement acquisitions like Hess,” said an energy market observer. “McLachlan’s appointment could mark a shift toward more technically driven and frontier-focused exploration.”

With rising competition from emerging producers and the global push for cleaner energy, Chevron’s renewed exploration drive may determine how well the company maintains its position as one of the world’s leading integrated energy firms.

As the company turns its attention to new basins across Africa and South America, industry watchers expect Chevron to balance capital discipline with strategic risk-taking in pursuit of the next generation of oil and gas discoveries.