- TotalEnergies Secures 40% Stake in Chevron’s Nigerian Offshore Licences, Signaling Boost for Oil Investment
TotalEnergies Nigeria has acquired a 40% stake in Chevron’s offshore exploration licences PPL 2000 and PPL 2001, a move industry experts say underscores renewed investor confidence in Nigeria’s oil and gas sector.
The farm-out agreement was disclosed 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.
Swartz urged the NUPRC for swift approval to facilitate rapid development of the assets and reiterated Chevron’s commitment to expanding its footprint in Nigeria, including participation in the upcoming 2025 licensing round.
“This agreement reflects our optimism for Nigeria’s oil sector. We look forward to rapid development of these assets and continued partnership with the NUPRC,” Swartz said, praising the commission for creating a transparent and supportive regulatory environment.
He described the enforcement of the Petroleum Industry Act (PIA) as a “watershed moment” that has restored predictability and made Nigeria an attractive destination for investment. Swartz also reported zero incidents of oil theft or pipeline sabotage in the past year for Chevron-operated assets, signaling improved security in the region.
Looking ahead, Chevron plans to deploy a drilling rig in late 2026 to explore newly discovered resources near Egbami and extend leases on existing fields.
Engineer Gbenga Komolafe, NUPRC Executive Secretary, welcomed TotalEnergies’ investment, noting that it reflects Nigeria’s growing appeal to investors. He highlighted that the 2025 licensing round would be even more transparent and digitally driven than the 2024 exercise, offering 50 fields for bidding via the NUPRC portal.
Komolafe also credited the Tinubu administration and security agencies for improvements in security and the business environment, urging investors to seize the opportunities presented by Nigeria’s favorable fiscal and regulatory framework.
