Chevron to sell $800m assets to Seplat

Chevron logo04 February 2014, Lagos – Chevron Corporation has said it has notified the Federal Government of Nigerian that it has selected a preferred bidder — a group led by Lagos-based Seplat Petroleum Development Company — as the buyer of its onshore oil assets, which has been a subject of controversy.

A source who disclosed it, said the Chevron is planning to sell the assets for $800 million, about N128 billion, to a group led by Seplat, which is partly owned by French independent oil company, Maurel & Prom.

A spokeswoman for Chevron declined to comment, while Austin Avuru, Chief Executive, Seplat, confirmed the firm made a bid, but declined to say if he had been notified that Seplat was the favoured bidder and declined to discuss the price.

The onshore blocks, in the eastern part of the Niger Delta, are still at an exploration stage and are not yet producing oil. The government has the last word on whether the sale will go forward.
A Federal High Court had, Monday, upheld an order barring Chevron from selling its onshore assets until a legal dispute with Brittania-U is resolved.

“The court upheld the interim order in favour of Brittania to protect the assets while the substantive case is still being determined,” Ricky Tarfa, lawyer to Bittania-U disclosed outside the court premises.
“The judge said that the order needs to be in place until the case is decided


– Michael Eboh, Vanguard

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