Chevron says it will join Nigeria’s next oil licensing round and bring a new drilling rig in late 2026 as it pursues broader growth in Africa’s leading energy producer. Jim Swartz, chairman and managing director of Chevron Nigeria, said the company sees clearer prospects under the Petroleum Industry Act and aims to deepen its presence.
He told reporters after meeting the upstream regulator that Chevron remains committed to expansion and plans to compete in the upcoming auction. Nigeria hopes the 2025 licensing round will attract new capital and revive output after years of underinvestment across the sector.
The Nigerian Upstream Petroleum Regulatory Commission says it will offer 50 fields through a fully digital platform designed to streamline the process. TotalEnergies has also signalled interest in the auction, underscoring renewed competition for Nigeria’s offshore opportunities.
Chevron recently agreed to buy a 40% stake in two offshore exploration licences from TotalEnergies and is awaiting regulatory approval to fast-track development. Swartz says the company expects to deploy a rig in late 2026 to explore a newly identified resource near Agbami and secure extensions on existing assets.
He added that Chevron has recorded no sabotage or theft for a full year, marking its longest uninterrupted period in Nigeria. The company considers the improved security climate a crucial foundation for long-term investment and future offshore exploration.