Chevron has confirmed its aggressive intent to significantly expand its operational footprint in Nigeria, announcing plans to participate in the country’s forthcoming oil licensing round and deploy a new drilling rig by late 2026. This commitment signals renewed confidence from a major international oil company (IOC) in Africa’s largest energy producer.
Jim Swartz, Chairman and Managing Director of Chevron Nigeria/Mid-Africa Business Unit, made the announcement on Friday following a meeting with Nigeria’s upstream regulator. Swartz attributed the company’s bullish stance to the enhanced regulatory clarity provided by the Petroleum Industry Act (PIA).
“We will participate in the next licensing round. Our intention is to continue to grow in Nigeria,” Swartz told reporters, emphasizing the company’s long-term strategy in the region.
The Next Licensing Round: A Digital Offering
The Federal Government is utilizing the licensing rounds as a primary tool to attract crucial foreign investment and reverse years of underinvestment that have hampered national oil output.
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Offer Details: The 2025 licensing round will offer 50 fields to potential investors.
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Platform: The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) confirmed that the fields will be offered through an efficient, transparent digital platform.
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Competition: Chevron will likely face competition, as TotalEnergies has also publicly expressed interest in joining the auction.
Accelerating Offshore Assets
Chevron is not only looking ahead but is also actively consolidating its current assets. The company recently reached an agreement to acquire a 40% stake in two deepwater exploration licenses, PPL 2000 and PPL 2001, from TotalEnergies. Chevron is now actively seeking regulatory approval to fast-track the development of these offshore blocks.
This series of moves—participation in the new round, the 2026 rig deployment, and the accelerated development of newly acquired licenses—underscores a strategic pivot by Chevron to leverage Nigeria’s reformed regulatory landscape under the PIA for sustained growth.
