Futures and Commodity Market News

Dec 08, 2025 (MarketLine via COMTEX) --

Chevron also plans to commission a drilling rig for a newly discovered resource near Egbami and extend leases on existing Nigerian assets.

Chevron Nigeria plans to participate in the 2025 licensing round organised by the Nigerian Upstream Petroleum Regulatory Commission (NUPRC).

The companyaEUR(TM)s Nigeria/Mid-Africa business unit chairman and managing director, Jim Swartz, announced the plan during his visit to the NUPRCaEUR(TM)s headquarters in Abuja, Nigeria, reported Reuters.A

According to Swartz, ChevronaEUR(TM)s decision to expand operations in Nigeria is driven by the improved regulatory certainty provided by the Petroleum Industry Act (PIA).A

The passage of the PIA is a significant development for NigeriaaEUR(TM)s economy, with the NUPRCaEUR(TM)s regulatory approach bringing enhanced predictability to the sector.A

Chevron has also experienced no incidents of sabotage, oil theft or pipeline attacks in the past year, he added.A

Swartz said: aEURoeMy assessment is that you have continued to support us. You have shown that Nigeria is a leader in this sector.AA

aEURoeChevron specifically appreciates the enforcement of the willing buyer, willing seller provision. I am also happy about your position on decommissioning and abandonment, which came up at the National Assembly recently.aEURA

Last month, the NUPRC announced the commencement of the 2025 Licensing Round, effective 1 December.A

The announcement was made by NUPRC commission chief executive Gbenga Komolafe at its Project 1MMBOPD Additional Production Investment Forum in London last month.A

NUPRC CEO Gbenga Komolafe said: aEURoeWe are committed to delivering a transparent licensing round which will even be better than that of 2024. It will be transparent and digital. Our portal has gone live, and we have 50 fields on offer.aEURA

For 2026, Chevron plans to commission a drilling rig for a newly discovered resource near Egbami and to extend leases on existing Nigerian assets.A

TotalEnergies EP Nigeria recently signed a farmout agreement with ChevronaEUR(TM)s Star Deep Water Petroleum to divest a 40% stake in the PPL 2000 and PPL 2001 offshore licences.?A

The two exploration licences cover approximately 2,000kmA.A

NUPRC awarded these two licences to a consortium comprising TotalEnergies and South Atlantic Petroleum during the 2024 Exploration Round.A

http://www.datamonitor.com
Republication or redistribution, including by framing or similar means,
is expressly prohibited without prior written consent. Datamonitor shall 
not be liable for errors or delays in the content, or for any actions 
taken in reliance thereon
COMTEX_470922220/2227/2025-12-08T09:37:42


Copyright (C) 2025 Datamonitor. All rights reserved