Chevron Nigeria has expressed readiness to participate in the 2025 oil licensing round, recently launched by the Nigerian Upstream Petroleum Regulatory Commission (NUPRC).
The oil giant commended the upstream petroleum regulator and business enable for the transparent conduct of the previous bid rounds in the country, especially the 2024 exercise.
Recall that the NUPRC, on December 1, 2025 opened bids for 50 new oil blocks, in the 2025 Licensing round.
The exercise which is expected to last for six months, would add 2 billion barrels of oil output over the next decade.
The 50 oil blocks which comprise 15 onshore assets, 19 shallow water, 15 frontier and one deep water asset, are expected to attract about $10 billion investments.
Speaking during a visit to NUPRC’s corporate headquarters in Abuja, the Chairman and Managing Director of Chevron Nigeria/Mid-Africa Business Unit, Jim Swartz, said “We will participate in the next licensing round. Our intention is to continue to grow in Nigeria.”
The Chevron boss, according to a statement made available on Friday by the NUPRC’s Head of Media and Strategic Communication, Eniola Akinkuotu, hailed the Commission Chief Executive, Engineer Gbenga Komolafe, for his visionary leadership and for ensuring that the Petroleum Industry Act is enforced to the letter.
“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. I am also happy about your position on decommissioning and abandonment which came up at the National Assembly recently,” he said.
Mr. Swartz described the passage of the Petroleum Industry Act as a watershed moment in Nigeria’s economic history.
He said the PIA – coupled with the style of the NUPRC’s enforcement – had restored predictability and made Nigeria an investment destination once more.
“The NUPRC listens. The NUPRC supports business. As a regulator, the NUPRC is transparent,” he stated.
Mr. Swartz added that Chevron has recorded zero incidents of sabotage in the last one 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,” Mr. Swartz said.
Mr. Swartz revealed that TotalEnergies Nigeria had signed a farm-out agreement with Chevron for a 40% stake in the PPL 2000 and PPL 2001 offshore exploration licences in Nigeria.
He said Chevron was looking to the NUPRC for a swift approval as it sought to develop the assets quickly.
The Chevron boss also disclosed some of the company’s goals for 2026 including plan’s to bring in a drilling rig in late 2026 on a newly discovered resource near Egbami as well as an extension of the lease of some assets which it is already developing.
In his remarks, the NUPRC helmsman, Engineer Gbenga Komolafe, said Chevron’s decision to take part in the 2025 licensing round was evidence that Nigeria remained a key investment destination.
Engineer Komolafe called on other oil companies to emulate Chevron by coming out to share their testimonies as this would encourage potential investors.
He said although the 2024 licensing round was described as the most transparent in Nigeria’s history, the NUPRC was working to taking up a notch.
The NUPRC 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.”
Engineer Komolafe also expressed delight over Chevron’s testimony that it had recorded zero incidents of oil theft in the last 12 months.
He said this was a reflection of an improved business environment provided by the President Bola Ahmed Tinubu-led Federal Government and security agencies.
The NUPRC boss therefore called on investors to take advantage of Nigeria’s positive fiscal and regulatory environment.
