US oil and gas major Chevron has announced it intends to take part in the next oil licensing round in Nigeria, a nation known as the top energy producer of Africa.
The company also stated that in late 2026, it plans to roll out a drilling rig and extend leases on current assets to enhance its existing standing in the country.
MD and Chairman for Chevron Nigeria and the energy giant’s Mid-Africa Business Unit, Jim Swartz, said the company seeks to grow its current footprint in Nigeria, and under the 2021 Petroleum Industry Act (PIA) cited enhanced regulatory clarity.
Following talks with the country’s upstream regulator, he affirmed Chevron’s participation in the upcoming licensing round. The rounds are part of Nigeria’s ongoing efforts to boost oil output and attract investors after several years of lacklustre investment.
According to the Regulatory Commission, the 2025 investment round will provide 50 different fields via an online platform. TotalEnergies, the French oil major, has also expressed an interest in participating in an auction.
Among other industry activities, the US and French companies both require a steady flow of crude oil for the lubricant lines they operate, Chevron’s Texaco and TotalEnergies’ Total Lubricants. Both subsidiaries provide a wide array of lubrication products including hydraulic oil, gear oil and multi-use oils and greases.
Recently, Chevron consented to acquire a 40 per cent stake from TotalEnergies in two licences for offshore exploration, “PPL 2001” and “PPL 2000”. It now seeks approval from regulators to speed up its development plans.
