US oil major cites improved clarity under the Petroleum Industry Act as it plans new drilling, asset expansion, and fresh offshore investments.
Chevron Nigeria has announced that it will take part in Nigeria’s upcoming oil licensing round scheduled for 2025.
Jim Swartz, Chairman and Managing Director of Chevron Nigeria/Mid-Africa Business Unit, confirmed the company’s commitment on Friday, stating that clearer regulatory frameworks provided by the Petroleum Industry Act (PIA) have strengthened Chevron’s confidence in expanding its operations in the country.
“We will participate in the next licensing round. Our intention is to continue to grow in Nigeria,” Swartz told journalists after a meeting with the upstream regulator.
Chevron joins TotalEnergies, which has also indicated interest in bidding for new oil blocks. The U.S. oil major recently reached an agreement to acquire a 40% stake in two offshore exploration licences—PPL 2000 and PPL 2001—from TotalEnergies and is awaiting regulatory approval to fast-track development.
As part of its long-term investment plan, Chevron revealed that it intends to deploy a drilling rig by late 2026 to explore a newly discovered resource near the Agbami field. The company also aims to renew leases on some of its existing assets as it deepens its presence in Africa’s leading energy-producing nation.
The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) on Monday officially launched the Nigeria 2025 Licensing Round, offering 50 oil and gas blocks across onshore, shallow water, swamp, and deep offshore terrains.
According to government projections, the licensing round could attract up to $10 billion in fresh investments and add as much as 2 billion barrels to the country’s reserves over the next decade. Production from the awarded blocks is estimated to reach 400,000 barrels per day when fully operational.
