In a major development for Nigeria's oil and gas industry, TotalEnergies Nigeria has acquired a 40% share in Chevron's offshore exploration licenses PPL 2000 and PPL 2001. The farm-out agreement was announced by Jim Swartz, Chairman and Managing Director of Chevron Nigeria/Mid-Africa Business Unit, during his visit to the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) headquarters in Abuja on December 4, 2025, according to a statement released by Eniola Akinkuotu, Head of Media and Strategic Communication of the NUPRC.
According to the statement, Swartz was upbeat about the agreement and urged the NUPRC to approve it quickly so that the assets could be developed quickly. Additionally, he reiterated Chevron's dedication to expanding its presence in Nigeria by taking part in the forthcoming 2025 licensing round.
Swartz commended the NUPRC, led by Engineer Gbenga Komolafe, for establishing a transparent and encouraging regulatory environment during the visit. He emphasised the Petroleum Industry Act's (PIA) successful enforcement, calling it a "watershed moment" that has brought predictability back and revived Nigeria's appeal as an investment destination.
Furthermore, Swartz said that there had been no instances of Chevron stealing oil or sabotaging pipelines in the previous year, indicating increased security in the area.
In the future, Chevron intends to extend leases on current properties and introduce a drilling rig in late 2026 to investigate recently found resources close to Egbami. As proof of Nigeria's increasing appeal to investors, Engineer Komolafe applauded TotalEnergies' investment and Chevron's ongoing involvement in the country's licensing rounds.
With 50 fields up for bid on the NUPRC platform, he stressed that the upcoming 2025 licensing cycle would be even more transparent and digitally driven than the historic 2024 exercise. Additionally, Komolafe urged more investors to take advantage of Nigeria's advantageous fiscal and regulatory environment, crediting President Bola Ahmed Tinubu's administration and security services
