Chevron to Join Nigeria Oil Licence Auction, Plans Rig Deployment in 2026

Wedoany.com Report-Dec.8, Chevron announced on Friday that it will take part in Nigeria's upcoming oil licensing round and intends to deploy a drilling rig in late 2026 to support further growth in the country, Africa's largest oil producer.

Jim Swartz, Chairman and Managing Director of Chevron Nigeria/Mid-Africa Business Unit, confirmed the company's commitment to expanding its presence in Nigeria, noting clearer regulations introduced through the Petroleum Industry Act (PIA).

"We will participate in the next licensing round. Our intention is to continue to grow in Nigeria," Swartz told reporters following a meeting with the upstream regulator.

The 2025 licensing round, which will offer 50 oil and gas fields via a digital bidding platform, forms part of Nigeria's strategy to attract new investment and increase production after a prolonged period of limited capital spending, according to the Nigerian Upstream Petroleum Regulatory Commission (NUPRC).

TotalEnergies has also indicated its interest in participating in the upcoming auction.

Chevron recently signed an agreement to purchase a 40% interest in two offshore exploration licences, PPL 2000 and PPL 2001, from TotalEnergies and is awaiting regulatory approval to advance development activities.

Swartz stated that the company plans to mobilise a drilling rig in late 2026 to appraise a recent discovery near the Agbami field and to extend the duration of existing production licences.

He further noted that Chevron has experienced no incidents of oil theft or sabotage over the past twelve months, marking the longest uninterrupted period in its Nigerian operations and reflecting enhanced security conditions in the sector.