Chevron Nigeria said it will enter the 2025 licensing round overseen by the Nigerian Upstream Petroleum Regulatory Commission (NUPRC), reinforcing its long-term investment outlook for the country. The commitment was delivered by Jim Swartz, Chairman and Managing Director of Chevron Nigeria/Mid-Africa Business Unit, during a visit to the Commission’s headquarters in Abuja.
Swartz commended NUPRC’s leadership and its strict enforcement of the Petroleum Industry Act (PIA). He said the Commission’s approach has restored predictability for operators and strengthened Nigeria’s appeal as an investment destination. He highlighted the enforcement of the willing-buyer, willing-seller pricing framework and NUPRC’s position on decommissioning and abandonment as examples of regulatory stability.
He said Chevron has gone a full year without sabotage or oil theft on its infrastructure, describing it as the company’s longest uninterrupted stretch. He added that TotalEnergies Nigeria has agreed to acquire a 40 percent stake in Chevron’s PPL 2000 and PPL 2001 offshore licences through a farm-out arrangement now awaiting NUPRC approval.
Chevron’s plans for 2026 include bringing in a drilling rig late in the year for a newly identified resource near Egbami, along with seeking extensions for existing leases under development.
NUPRC Chief Executive, Engr. Gbenga Komolafe, said Chevron’s participation confirms continued investor confidence in Nigeria’s upstream sector. He urged other operators to publicise their experiences to strengthen market perception. Komolafe said the 2025 licensing round will surpass the 2024 cycle—described as the most transparent to date—with a fully digital process and 50 fields on offer.
He linked the zero-theft record to improved security conditions under the Federal Government and encouraged investors to leverage Nigeria’s fiscal and regulatory environment.
