Chevron Joins Nigeria Oil Auction, Plans 2026 Rig Deployment

Chemical giant Chevron announced Friday it will join Nigeria’s 2025 oil licensing round and aims to bring a drilling rig to the country by late 2026 to expand its footprint.

The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) says the 2025 round will offer fifty fields through a new digital auction platform, part of a broader effort to attract fresh investment after years of under‑investment.

“We will participate in the next licensing round. Our intention is to continue to grow in Nigeria,” Jim Swartz, chairman and managing director of Chevron Nigeria Mid‑Africa Business Unit, told reporters after meeting the upstream regulator.

Chevron has also secured a forty‑percent stake in two offshore exploration licences, PPL 2000 and PPL 2001, acquired from TotalEnergies, and is seeking regulatory approval to fast‑track development of these assets.

Swartz added that the company plans to deploy a drilling rig in late 2026 to test a newly discovered resource near the Agbami field and to extend leases on existing holdings.

He highlighted that Chevron recorded no oil theft or sabotage in the past twelve months – the longest uninterrupted run in its Nigerian operations – signalling improved security across the sector.

For Ghanaian investors and energy analysts, the move underscores growing regional opportunities; a stable Nigerian market could lower import costs for Ghana’s downstream sector and open avenues for joint ventures.

The licensing round results are expected later this year, and Chevron’s participation may shape the competitive landscape as other majors, including TotalEnergies, also eye the auction.

Image Source: MYJOYONLINE