Chevron on Friday said it will take part in Nigeria’s next oil licensing round and plans to deploy a drilling rig in late 2026 as it moves to expand its presence in Africa’s largest oil-producing country.
According to Reuters, Jim Swartz, chairman and managing director of Chevron Nigeria/Mid-Africa Business Unit, said the company intends to grow its footprint in Nigeria, pointing to improved regulatory clarity following the implementation of 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 after a meeting with the upstream regulator.
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Nigeria’s upcoming licensing rounds form part of efforts by authorities to attract fresh investment and increase oil production after years of underinvestment.
The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) said the 2025 round will offer 50 fields through a digital bidding platform. TotalEnergies has also indicated interest in taking part in the auction.
Chevron recently agreed to acquire a 40% stake in two offshore exploration licences, PPL 2000 and PPL 2001, from TotalEnergies and is currently seeking regulatory approval to fast-track development of the assets.
Swartz said the company plans to deploy a rig in late 2026 to drill a newly discovered resource near Agbami and extend leases on existing fields.
He added that Chevron has not experienced any incidents of oil theft or sabotage over the past year, marking the longest uninterrupted period of operations without disruptions in the company’s Nigerian history and signaling improved security conditions in the sector.
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Image Credit: Reuters
