29 October 2013, Lagos – A wholly-owned indigenous Exploration and Production (E&P) company, Brittania-U Nigeria Limited, has stated that its submission of the bids for the three Chevron oil blocks offered for sale reflected both its in-house and independent evaluations, as well as commercial capabilities.
Responding to what it called speculative and sensational reports in local and foreign media concerning the ongoing divestment exercise of Chevron’s interest in OMLs 52, 53 and 55, the Managing Director of the company, Mr. Dan C De La Garza, said in a statement that the media publications celebrating the “success of some companies while denigrating the efforts of perceived rivals by seeking to discredit the process would serve no purpose other than undermining the integrity of the oil and gas industry generally.”
“As far as we know, the subject divestment exercise is ongoing and we like other participants, are quite hopeful of our chances of success in the bid.
“Accordingly, we are prepared and are able to progress to the next stages of the transaction. The publications have thrown a lot of figures around as Brittania-U’s bid amount but certainly, it is not for us to confirm or deny such figures for the obvious reason that the bid process is confidential and under a Confidentiality and Non-¬Disclosure Agreement, which Brittania-U as a reputable company is bound by,” he said
La Garza said his company would not be distracted by any of the publications and pranks.
According to him, the company’s attention at this time is focused on the acquisition of Chevron assets, growing the company, creating employment for Nigerians, developing and working in harmony with the company’s host communities, protecting the environment and delivering superior dividends to our stakeholders.
He said the main focus at this particular moment was to work assiduously with the company’s bankers to ensure a seamless process that would also ensure quick closure of the acquisition process.
La Garza noted that the government policies had led to improvements in Nigerian content activities in the industry, especially since the April 2010 promulgation of the Nigerian Content Act.
He said these efforts had resulted in enhanced indigenous industry activities and impact for the overall benefit of Nigerian companies and the Nigerian people.
Brittania-U was said to have offered $1.6 billion for the three oil blocks offered for sale by Chevron Nigerian Limited, fuelling concerns among other bidders on the ability of the company to finance the acquisition.
Seplat, which is the second largest bidder, it was learnt, offered only $630 million for Chevron’s 40 per cent stake in the three acreages.
Other than the Seplat/Amni consortium, the other two bidders that reached the final stage of the three-month bid process are Niger Delta Petroleum/South Atlantic Petroleum (SAPETRO) and Sahara/Septa, which are all Nigerian companies.
– This Day