Chevron to Compete for New Nigerian Oil Blocks as $10 billion Licensing Round Opens

Chevron to Compete for New Nigerian Oil Blocks as $10 billion Licensing Round Opens

Chevron Nigeria has confirmed it will participate in the upcoming Nigeria 2025 oil licensing round, signaling one of the strongest commitments yet from a major international oil company.

Jim Swartz, chairman and managing director of Chevron Nigeria/Mid-Africa, said on Friday that the company is prepared to deepen its operations in the country, crediting the Petroleum Industry Act (PIA) for providing clearer and more stable regulations.

“We will participate in the next licensing round. Our intention is to continue to grow in Nigeria,” Swartz told reporters after meeting with the upstream regulator. His remarks add momentum to the federal government’s push to attract new offshore and onshore investments. TotalEnergies has also indicated interest in joining the auction.

Chevron is already expanding its asset base, having recently agreed to acquire a 40% stake in offshore exploration licences PPL 2000 and PPL 2001 from TotalEnergies. The company is now seeking regulatory approval to fast-track development.

The oil major is also preparing for a significant operational boost, including deploying a drilling rig in late 2026 to explore a newly discovered resource near the Agbami field. Chevron is expected to extend existing leases and drill additional wells as part of its long-term growth strategy in Africa’s biggest energy producer.

Earlier this week, the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) officially launched the Nigeria 2025 licensing round, offering 50 oil and gas blocks across onshore, shallow-water, and deep offshore terrains.

The federal government hopes the round will attract roughly $10 billion in fresh investment and add up to 2 billion barrels of reserves over the next decade. When fully operational, the newly licensed blocks could deliver an estimated 400,000 barrels per day to national output.

With major international oil companies renewing interest and improved clarity under the PIA, Nigeria’s 2025 bid round is shaping up to be one of the most strategic energy investment windows in years.

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