• NUPRC portal goes live with 50 oilfields on offer

Sopuruchi Onwuka

American multinational energy company, Chevron, has declared intention to compete for new oil blocks in Nigeria as the nation’s acreage administrator, the Nigeria Upstream Petroleum Regulatory Commission (NUPRC), continues to mobilize global investors for upcoming auction licensing round.

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The Chairman and Managing Director of Chevron Nigeria/Mid-Africa Business Unit, Jim Swartz, who visited the Commission’s headquarters in Abuja stated that the company would participate in the licensing round.

Oracle Intelligence reports that the declaration solidifies the company’s assurances that it remains in the Nigerian petroleum play in the immediate to medium term despite widespread assumptions that international oil companies in the country are in the mode of investment recovery and exit.

The company which unsuccessfully participated in the last bid conference held at Eko Hotel in Lagos stated that it is encouraged to re-enter the race by the improving operating and regulatory environment in the country.

Head of Media and Strategic Communication at NUPRC, Mr Eniola Akinkuotu, stated that Chevron has confirmed its intention to participate in the 2025 oil and gas licensing round.

“We will participate in the next licensing round. Our intention is to continue to grow in Nigeria,” Mr Jim Swartz said.

Swartz praised the Commission Chief Executive, Engineer Gbenga Komolafe, for what he described as visionary leadership and strict enforcement of the Petroleum Industry Act (PIA). He noted that the Commission’s regulatory approach had enhanced confidence in Nigeria’s investment landscape.

“My assessment is that you have continued to support us. You have shown that Nigeria is a leader in this sector. Chevron specifically appreciates the enforcement of the willing buyer, willing seller provision. I am also happy about your position on decommissioning and abandonment,” he said.

He described the passage of the PIA as a turning point for Nigeria’s economic environment, noting that its implementation under the NUPRC had restored predictability and transparency.

“The NUPRC listens. The NUPRC supports business. As a regulator, the NUPRC is transparent,” he said.

Swartz also disclosed that Chevron has recorded zero incidents of sabotage or oil theft in the past year. “This is the longest we’ve gone without oil theft,” he stated.

He revealed that TotalEnergies Nigeria has signed a farm-out agreement with Chevron for a 40 percent stake in the offshore exploration licences PPL 2000 and PPL 2001, and expressed hope for swift regulatory approval to accelerate development of the assets.

Swartz further outlined Chevron’s plans for 2026, including bringing in a drilling rig in late 2026 for a recently discovered resource near Egbami, as well as seeking extensions on some existing leases.

Responding, NUPRC Chief Executive, Engineer Gbenga Komolafe, said Chevron’s readiness to participate in the 2025 licensing round demonstrates Nigeria’s continuing appeal as a top investment destination. He encouraged other operators to publicly share their positive experiences, noting that such transparency helps attract new investors.

Komolafe said the Commission is preparing a licensing round “even more transparent and digital” than the 2024 round, widely regarded as the most transparent in Nigeria’s history. “Our portal has gone live and we have 50 fields on offer,” he said.

He welcomed Chevron’s report of zero oil theft within the last 12 months, describing it as evidence of an improving business climate under President Bola Ahmed Tinubu and stronger support from security agencies.

Komolafe urged investors to take advantage of Nigeria’s positive fiscal and regulatory environment as the country moves to unlock new upstream opportunities.