Chevron to offload two Nigeria assets

Chevron-logo11 June 2013, Lagos – US super major, Chevron has put up its stakes in two Nigerian shallow water oil blocks for sale.

A spokesman for the local arm of Chevron in Nigeria was quoted by Reuters as stating that “as part of a continuous process of portfolio evaluation and business prioritisation,” it had decided to “put forward its interests in two oil mining leases (OML 83 and OML 85) for auction”.

Chevron holds 40% stakes in both blocks with state-run Nigerian National Petroleum Corporation, NNPC, controlling majority 60%.

Oil Mining Lease, OML, 83 contains the Anyala field while the Madu field lies in OML 85.

The licences in the Niger Delta State of Bayelsa have been part of Chevron’s portfolio since its acquisition of Texaco but never developed.

The San Ramon, California, United States-headquartered giant holds stakes in 13 onshore or shallow water blocks with NNPC, and also has several deep-water assets.

Last year Chevron produced an average of 238,000 barrels of crude oil and 165 million cubic feet of natural gas in net daily output.

In recent times, Shell, Eni and Total have all made divestments from Nigeria, and ConocoPhillips is planning to sell its Nigerian businesses to Oando Energy for about $1.79 billion.

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