Chevron Nigeria has announced its intention to participate in the country’s upcoming oil licensing round, citing improved regulatory clarity under the Petroleum Industry Act (PIA). According to Jim Swartz, chairman and managing director of Chevron Nigeria/Mid-Africa Business Unit, the company aims to expand its presence in Nigeria. “We will participate in the next licensing round. Our intention is to continue to grow in Nigeria,” Swartz stated after meeting with the upstream regulator.
TotalEnergies has also expressed interest in joining the auction. Chevron recently agreed to acquire a 40% stake in two offshore exploration licenses from TotalEnergies and is currently seeking regulatory approval to accelerate development. The company plans to deploy a drilling rig in late 2026 to drill a newly discovered resource near Agbami and extend leases on existing assets.
The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) has announced the commencement of the Nigeria 2025 licensing round, featuring 50 oil and gas blocks across various terrains. The Nigerian government expects to attract approximately $10 billion in investments through this licensing round, which is anticipated to add up to 2 billion barrels of oil output over the next decade. Once the blocks are fully operational, production volumes are estimated to reach 400,000 barrels per day.
Chevron’s decision to participate in the licensing round reflects the company’s commitment to growing its operations in Africa’s top energy producer. The improved regulatory environment under the PIA has likely contributed to the company’s confidence in investing in Nigeria’s oil and gas sector. As the licensing round progresses, it is expected to attract significant investments from international oil companies, driving growth and development in Nigeria’s energy industry. With the deployment of a drilling rig scheduled for late 2026, Chevron is poised to play a key role in shaping the country’s oil and gas landscape in the years to come.