American oil major, Chevron, has disclosed intentions to participate in Nigeria’s oil licensing round and plans to deploy a drilling rig in late 2026 as it seeks to expand operations in the country.
According to Mr Jim Swartz, chairman and managing director of Chevron Nigeria/Mid-Africa Business Unit, the company aims to grow its footprint in Nigeria, citing improved regulatory clarity under the Petroleum Industry Act (PIA).
“We will participate in the next licensing round. Our intention is to continue to grow in Nigeria,” Mr Swartz told reporters after meeting the Nigerian Upstream Petroleum Regulatory Commission (NUPRC).
On December 1, 2025 oil licensing round commenced with the NUPRC offering 50 blocks for bidding as the country seeks to boost output and attract new investment. The round includes 15 onshore blocks, 19 in shallow waters, 15 frontier assets and one deepwater block.
The upstream regulator says the round is expected to attract about $10 billion in investment and add up to 2 billion barrels of oil output over the next 10 years, with an estimated 400,000 barrels per day of production when fully operational.
Also, French oil major, TotalEnergies has also expressed interest in joining an auction.
Chevron recently agreed to acquire a 40 per cent stake in two offshore exploration licences, PPL 2000 and PPL 2001, from TotalEnergies and is seeking regulatory approval to accelerate development.
Mr Swartz said it plans to bring in a rig in late 2026 to drill a newly discovered resource near Agbami and extend leases on existing assets.
The Chevron executive added that Chevron had recorded no oil theft or sabotage in the past year, the longest period without disruptions in its Nigerian operations, a sign of improved security in the sector.
“My assessment is that you have continued to support us. You have shown that Nigeria is a leader in this sector,” he said, adding that, “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.”
Licensing rounds have been a key feature of Nigeria’s upstream sector for decades. Major rounds were conducted in 2000, 2005 and 2007, while the 2010s saw smaller, targeted rounds for marginal fields and deepwater assets.