US oil giant Chevron has confirmed its intention to participate in Nigeria’s 2025 oil licensing round, aligning with a broader trend among international oil majors, including TotalEnergies.
The announcement was made by Jim Swartz, Chairman and Managing Director of Chevron Nigeria/Mid-Africa Business Unit, during a courtesy visit to the NUPRC corporate headquarters in Abuja on December 4.
“We will participate in the next licensing round. Our intention is to continue to grow in Nigeria,” Swartz said, according to a press statement issued by NUPRC on Friday.
He lauded NUPRC Chief Executive, Engineer Gbenga Komolafe, for his visionary leadership and strict enforcement of the Petroleum Industry Act (PIA). Swartz highlighted the Commission’s transparency and support for operators, noting in particular the enforcement of the “willing buyer, willing seller” provision.
“My assessment is that you have continued to support us. You have shown that Nigeria is a leader in this sector. Chevron specifically appreciates the enforcement of the willing buyer, willing seller provision. The NUPRC listens. The NUPRC supports business. As a regulator, the NUPRC is transparent,” he added.
Responding, Komolafe welcomed Chevron’s decision to participate in the 2025 licensing round, describing it as proof that Nigeria remains a key investment destination.
“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,” Komolafe said.
Nigeria’s 2025 licensing round
On December 1, the NUPRC officially opened the portal putting on offer 50 oil and gas blocks across onshore, shallow water, and deep offshore terrains.
Several of these blocks are gas-rich and will help Nigeria’s push to expand domestic gas supply for power generation, industry, and clean cooking solutions.
The agency says these assets when developed could boost Nigeria’s oil and gas reserves by 2 billion barrels and help increase Nigeria’s crude oil output—which has struggled in recent months by up to 400,000 b/d.
The exercise is conducted under the framework of the Petroleum Industry Act (PIA) 2021, which provides new fiscal terms and governance structures to attract investors.
The Federal Government has set a target of $10 billion in new investments from the 2025 licensing round.
The bulk of this sum is expected to come from signature bonuses, royalties, and taxes from awarded blocks, potentially boosting Nigeria’s fiscal earnings.
International majors like Chevron and TotalEnergies have already expressed interest in the ongoing bid round, alongside indigenous players, signalling strong participation.
While sabotage and oil theft have historically undermined the operations of foreign players in Nigeria, recent security improvements have boosted investor confidence.
Swartz also revealed that Chevron had recorded zero incidents of sabotage in the past year.
“Chevron has not recorded any oil theft or attacks on our pipelines this year. This is the longest we’ve gone without oil theft,” he said.
He attributes the achievement to initiatives by President Bola Tinubu’s administration and the efforts of security agencies.
The oil executive further disclosed that TotalEnergies Nigeria had signed a farm-out agreement with Chevron for a 40% stake in offshore exploration licences PPL 2000 and PPL 2001, and urged the Commission to grant swift approval to enable rapid development of the assets.
