By Oke Peter
Chevron Nigeria has praised the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) for creating a supportive business environment and confirmed its plans to take part in the 2025 oil licensing round.
Jim Swartz, Chairman and Managing Director of Chevron Nigeria/Mid-Africa Business Unit, reaffirmed the company’s commitment during a courtesy visit to the NUPRC headquarters in Abuja on Friday. “We will participate in the next licensing round. Our intention is to continue to grow in Nigeria,” he stated.
Earlier in the week, the NUPRC launched the 2025 licensing round, offering 50 oil and gas blocks across onshore, shallow water, and offshore terrains. The federal government is targeting about $10 billion in investments from the exercise, which is projected to contribute up to 2 billion barrels of oil over the next decade and could deliver an estimated 400,000 barrels per day once the fields are fully developed.
Swartz described the Petroleum Industry Act (PIA) as a milestone in Nigeria’s economic evolution, noting that the legislation—along with the NUPRC’s regulatory approach—has restored confidence and predictability to the sector. He commended the Commission’s transparency and its support for market-driven policies such as the willing-buyer, willing-seller framework. He also highlighted the regulator’s stance on decommissioning and abandonment, referencing recent discussions at the National Assembly.
According to Swartz, Chevron has enjoyed a full year without incidents of sabotage, marking its longest stretch without oil theft or pipeline attacks. He further revealed that TotalEnergies Nigeria has signed a farm-out agreement with Chevron for a 40 percent interest in offshore licences PPL 2000 and PPL 2001, and the company is anticipating swift approval to fast-track development.
Looking ahead, Swartz outlined Chevron’s plans for 2026, including deploying a drilling rig late next year to explore newly discovered resources near Egbami and pursuing lease extensions for some of its current assets.
In response, NUPRC Chief Executive Gbenga Komolafe welcomed Chevron’s commitment, describing its participation in the 2025 licensing round as a strong indication that Nigeria remains an attractive destination for energy investment. He added that while the 2024 round was widely regarded as the most transparent to date, the forthcoming exercise will set an even higher standard with enhanced digital processes and 50 available fields.
