By Bassey Udo
The strict enforcement of the provisions and letters of the Petroleum Industry Act (PIA) 2021 by the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) has endeared most industry players to show interest in the forthcoming 2025 oil licensing round, the Chairman/Managing Director of Chevron Nigeria/Mid-Africa Business Unit, Jim Swartz, has said.
Swartz, who stated this on Thursday when he visited the Commission ‘s corporate headquarters in Abuja commended the Commission Chief Executive, Gbenga Komolafe, and the apex petroleum industry regulator for being a business enabler for the players and industry operators.
Consequently, he expressed the intention of Chevron to continue to grow its portfolio in Nigeria by participating in the 2025 oil licensing round, which kicked off on December 1, 2025.
The Chevron boss was particularly excited with Engineer Komolafe’s performance through his visionary leadership and for ensuring the enforcement to the letter of the provisions of the PIA 2021.
“My assessment is that you have continued to support us. You have shown that Nigeria is a leader in this sector. Chevron 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,” he said.
Mr. Swartz described the passage of the PIA as a watershed moment in Nigeria’s economic history, adding that the PIA, coupled with the style of the NUPRC’s enforcement, has restored predictability and made Nigeria a viable investment destination once more.
“The NUPRC listens. The NUPRC supports business. As a regulator, the NUPRC is transparent,” he stated.
Mr. Swartz used the visit to review the situation in Chevron’s area of operations in the country, saying the company recorded zero incidents of sabotage in the last one year.
“Chevron has not recorded any crude oil theft or attacks on our pipelines this year. This is the longest we’ve gone without crude oil theft,” Mr. Swartz said.
He revealed that TotalEnergies Nigeria had signed a farm-out agreement with Chevron for a 40% stake in the PPL 2000 and PPL 2001 offshore exploration licences in Nigeria.
, he said, was looking up to the NUPRC for a swift approval of the farm-out agreement as it sought to develop the assets as soon as practicable.
The Chevron boss also highlighted some of the company’s operational goals for 2026 to include plans to bring in a drilling rig in late 2026 on a newly discovered resource near Agbami Oil field as well as an extension of the lease of some assets it is already developing.
Responsing, the NUPRC helmsman, Engineer Gbenga Komolafe, said Chevron’s decision to take part in the 2025 licensing round was evidence that Nigeria remained a key investment destination for existing and prospecting investors.
Engineer Komolafe called on other oil companies to emulate Chevron by coming out to share their testimonies as this would encourage potential investors in the industry.
He said although the 2024 oil licensing round was described as the most transparent in Nigeria’s history, the NUPRC was working to stepping up a notch higher.
“We are committed to delivering a transparent oil 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 to prospective bidders,” he said.
Engineer Komolafe also expressed delight over Chevron’s testimony that it recorded zero incidents of oil theft in the last 12 months, saying this was a reflection of an improved business environment provided by the President Bola Ahmed Tinubu-led Federal Government and security agencies.
The NUPRC boss therefore called on investors to take advantage of Nigeria’s positive fiscal and regulatory environment to commit to invest in the country.