Chevron Nigeria has given a resounding endorsement to the Nigerian Upstream Petroleum Regulatory Commission (NUPRC), praising it as a crucial ‘business enabler’ and confirming its intention to participate in the country’s 2025 licensing round. This commitment signals a significant boost in foreign investment confidence in Nigeria’s oil and gas sector.
The Chairman and Managing Director of Chevron Nigeria/Mid-Africa Business Unit, Jim Swartz, made the commendation during a visit to the NUPRC’s headquarters in Abuja, underlining the company’s desire for continued growth in the nation.
“We will participate in the next licensing round. Our intention is to continue to grow in Nigeria,” Mr Swartz stated.
He specifically praised the NUPRC’s Chief Executive, Gbenga Komolafe, for his “visionary leadership” and strict enforcement of the Petroleum Industry Act (PIA), describing the legislation as a “watershed moment in Nigeria’s economic history.”
The commitment to invest in new licensing rounds is an important economic indicator. The NUPRC is projecting that the 2025 licensing round, which will offer 50 fields through a transparent, digital platform, could attract around $10 billion in investment and potentially add up to two billion barrels to Nigeria’s oil reserves. Chevron’s backing is a major step towards meeting these ambitious targets, which are crucial for the nation’s foreign exchange earnings and budget funding.
Mr Swartz highlighted that the PIA, coupled with the NUPRC’s transparent regulation, has 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 affirmed.
In a powerful testament to improved security, Mr Swartz also revealed a significant operational milestone: Chevron has recorded zero incidents of oil theft or attacks on its pipelines over the past year. “This is the longest we’ve gone without oil theft,” he noted, linking this directly to an improved business environment.
Further demonstrating its long-term strategy, Chevron is seeking NUPRC’s swift approval for a farm-out agreement with TotalEnergies Nigeria, which will see Chevron take a 40 per cent stake in the offshore exploration licenses PPL 2000 and PPL 2001. The move is part of an effort to quickly develop these assets.
The Chevron boss also announced major plans for 2026, including bringing in a drilling rig later that year to develop a newly discovered resource near its Agbami field.
In response, NUPRC Chief Executive Gbenga Komolafe said Chevron’s investment decision was clear proof that Nigeria is a key destination for investment. “Chevron’s decision to take part in the 2025 licensing round was evidence that Nigeria remained a key investment destination,” he said. He encouraged other companies to share their positive experiences to attract further investors to take advantage of Nigeria’s improved fiscal and regulatory environment.
