Chevron Nigeria plans to participate in the 2025 licensing round organised by the Nigerian Upstream Petroleum Regulatory Commission (NUPRC).
The company’s Nigeria/Mid-Africa business unit chairman and managing director, Jim Swartz, announced the plan during his visit to the NUPRC’s headquarters in Abuja, Nigeria, reported Reuters.
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According to Swartz, Chevron’s decision to expand operations in Nigeria is driven by the improved regulatory certainty provided by the Petroleum Industry Act (PIA).
The passage of the PIA is a significant development for Nigeria’s economy, with the NUPRC’s regulatory approach bringing enhanced predictability to the sector.
Chevron has also experienced no incidents of sabotage, oil theft or pipeline attacks in the past year, he added.
Swartz said: “My assessment is that you have continued to support us. You have shown that Nigeria is a leader in this sector.
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By GlobalData“Chevron specifically appreciates the enforcement of the willing buyer, willing seller provision. I am also happy about your position on decommissioning and abandonment, which came up at the National Assembly recently.”
Last month, the NUPRC announced the commencement of the 2025 Licensing Round, effective 1 December.
The announcement was made by NUPRC commission chief executive Gbenga Komolafe at its Project 1MMBOPD Additional Production Investment Forum in London last month.
NUPRC CEO Gbenga Komolafe said: “We are committed to delivering a transparent licensing round which will even be better than that of 2024. It will be transparent and digital. Our portal has gone live, and we have 50 fields on offer.”
For 2026, Chevron plans to commission a drilling rig for a newly discovered resource near Egbami and to extend leases on existing Nigerian assets.
TotalEnergies EP Nigeria recently signed a farmout agreement with Chevron’s Star Deep Water Petroleum to divest a 40% stake in the PPL 2000 and PPL 2001 offshore licences.
The two exploration licences cover approximately 2,000km².
NUPRC awarded these two licences to a consortium comprising TotalEnergies and South Atlantic Petroleum during the 2024 Exploration Round.
