- Chevron’s clean energy plan includes investing in new offshore exploration licences, demonstrating confidence in Nigeria’s energy sector.
- The clean energy plan benefits from the improved business environment, zero sabotage incidents, and strong regulatory support, making Nigeria a preferred investment destination.
Chevron Nigeria has praised the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) as a key enabler of business, confirming its intention to participate in the 2025 licensing round. Jim Swartz, Chairman and Managing Director of Nigeria and the Mid-Africa Business Unit, made these remarks during a visit to the NUPRC corporate headquarters in Abuja.
Swartz stated firmly, “We will participate in the next licensing round. We intend to continue to grow in Nigeria.” He also commended the Commission’s Chief Executive, Engineer Gbenga Komolafe, for his visionary leadership. He added that the Petroleum Industry Act (PIA) is being implemented fully and consistently under Komolafe’s guidance.
Swartz expressed appreciation for the Commission’s support in enforcing the willing buyer, willing seller provision. He also welcomed NUPRC’s stance on decommissioning and abandonment, a topic that had recently been debated at the National Assembly. He described the passage of the Petroleum Industry Act as a watershed moment in Nigeria’s economic history. The Act, together with NUPRC’s enforcement approach, has restored predictability and increased Nigeria’s attractiveness to investors.
“The NUPRC listens, supports business, and maintains transparency as a regulator,” he affirmed. Swartz added that Chevron recorded zero incidents of sabotage in the past year, reflecting a safer and more stable operating environment.
Additionally, he revealed that TotalEnergies Nigeria signed a farm-out agreement with Chevron. This agreement gives Chevron a 40 per cent stake in the PPL 2000 and PPL 2001 offshore exploration licences. Chevron now looks to NUPRC for quick approval to accelerate development of these assets.
Looking ahead, Chevron plans to introduce a new drilling rig in late 2026 near the Egbami field. The company also intends to extend the lease of certain existing assets.
Engineer Komolafe welcomed Chevron’s commitment. He noted that the company’s participation confirms Nigeria remains a key investment destination. He encouraged other oil firms to share their success stories. Transparency and favourable fiscal policies, he said, attract investment.
The NUPRC also announced that the 2025 licensing round will be more transparent than the 2024 edition. The Commission has launched a digital portal and will offer 50 fields to investors.
Finally, Komolafe highlighted that Chevron has achieved zero incidents of oil theft, reflecting an improved security framework provided by the Federal Government and its agencies. He urged all investors to take advantage of Nigeria’s favourable fiscal and regulatory environment to expand their operations.