Chevron plans to deploy rigs in 2026, and participate in the Nigerian oil license auction.

Chevron announced on Friday that it would participate in the next round of oil licensing in Nigeria and plan to deploy a drill rig by late 2026 in order to expand its operations in Africa's largest energy producer.

Jim Swartz said that the company aims at growing its footprint in Nigeria. He cited improved regulatory clarity as a result of the Petroleum Industry Act.

"We will be participating in the next licensing round." Swartz, after meeting with the upstream regulator, told reporters that his intention was to continue growing in Nigeria.

The licensing rounds in Nigeria are part of an effort to boost production and attract investment after years of underinvestment. Nigerian Upstream Petroleum Regulatory Commission NUPRC said that the 2025 round would offer 50 fields via a digital platform.

TotalEnergies also expressed an interest in participating in an auction.

Chevron has recently agreed to purchase a 40% stake from TotalEnergies in two offshore exploration licenses, PPL2000 and PPL2001, and is now seeking regulatory approval for the development to be accelerated.

Swartz plans to bring a drilling rig to Agbami in late 2026 in order to drill the newly discovered resource and to extend leases for existing assets.

Swartz said that Chevron's Nigerian operations had been uninterrupted for the past year. This is the longest time without interruptions, and a sign of increased security. (Reporting and editing by Kevin Liffey; Isaac Anyaogu)

(source: Reuters)