Chevron to Join Nigeria’s Oil Licence Auction, Targets Rig Deployment in 2026
By Naija Enquirer Staff
Chevron has announced plans to participate in Nigeria’s next oil licensing round and intends to deploy a drilling rig in late 2026 as part of its strategy to expand operations in Africa’s top energy-producing nation.
Jim Swartz, Chairman and Managing Director of Chevron Nigeria/Mid-Africa Business Unit, said the company is keen to increase its footprint in the country, noting that improved regulatory clarity under the Petroleum Industry Act (PIA) has boosted investor confidence.
“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 Nigerian Upstream Petroleum Regulatory Commission (NUPRC).
Nigeria’s upcoming 2025 licensing round will offer 50 fields through a fully digital platform, according to the NUPRC. The initiative forms part of government efforts to attract fresh investment and raise national oil production after years of stagnation.
TotalEnergies has also indicated interest in participating in the auction, signaling renewed investor appetite in the sector.
Chevron recently reached an agreement to acquire a 40% stake in two offshore exploration licences—PPL 2000 and PPL 2001—from TotalEnergies. The company is now seeking regulatory approval to fast-track development of the assets.
According to Swartz, Chevron plans to deploy a rig in late 2026 to drill a newly discovered resource near Agbami and extend leases on several existing assets.
He further revealed that Chevron has recorded zero incidents of oil theft or sabotage across its Nigerian operations for over a year—its longest uninterrupted stretch—highlighting improved security in the region.
Reporting by Isaac Anyaogu; Editing by Kevin Liffey – Reuters
