Written by Tunde Dodondawa-Lagos
One of the major oil companies in Nigeria, Chevron, has
concluded plans to sell its stake in two Nigerian shallow water oil
blocks, Nigerian Tribune has reliably gathered.
The company becomes the latest International Oil Company (IOC) to dispose of its assets in the country.
The affected blocks that are up for grabs are Oil Mining Licence (OML) 83 and OML 85 which hold a combined estimated barrels of over 200 million barrels of oil and an undisclosed amount of natural gas.
According to a source within the company, “as part of a continuous process of portfolio evaluation and business prioritisation, Chevron Nigeria Limited has put forward its interests in two oil mining leases for auction. The assets are located in the shallow waters.”
The source did not give details of reserves. The combined assets is worth over $40 billion.
Chevron owns a 40 per cent stake in 13 shallow water blocks in partnership with the Nigerian National Petroleum Corporation (NNPC) and it has several deep offshore assets.
The company’s net daily production in 2012 in Nigeria averaged 238,000 barrels of crude oil and 165 million cubic feet of natural gas.
Due to the non-passage of the Petroleum Industry Bill (PIB) and high rate of crude oil theft, several oil majors have sold assets onshore or in the shallow waters of the Niger Delta over the past few years.
The company becomes the latest International Oil Company (IOC) to dispose of its assets in the country.
The affected blocks that are up for grabs are Oil Mining Licence (OML) 83 and OML 85 which hold a combined estimated barrels of over 200 million barrels of oil and an undisclosed amount of natural gas.
According to a source within the company, “as part of a continuous process of portfolio evaluation and business prioritisation, Chevron Nigeria Limited has put forward its interests in two oil mining leases for auction. The assets are located in the shallow waters.”
The source did not give details of reserves. The combined assets is worth over $40 billion.
Chevron owns a 40 per cent stake in 13 shallow water blocks in partnership with the Nigerian National Petroleum Corporation (NNPC) and it has several deep offshore assets.
The company’s net daily production in 2012 in Nigeria averaged 238,000 barrels of crude oil and 165 million cubic feet of natural gas.
Due to the non-passage of the Petroleum Industry Bill (PIB) and high rate of crude oil theft, several oil majors have sold assets onshore or in the shallow waters of the Niger Delta over the past few years.
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