Bids on Chevron's Nigeria Oil Blocks due Next Week - Sources

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Reuters

ABUJA, Sept 24 (Reuters) – U.S.-based Chevron Corp will receive bids on Sept. 30 from prospective buyers of three oil blocks in the Niger Delta, with several local Nigerian firms in the running, industry sources told Reuters on Tuesday.

Oil industry sources estimate the mean value of the three blocks combined at $500 mln to $600 mln and anticipate winning bids will be around those levels.

Chevron said in June it would be selling its 40 percent interest in five onshore blocks, joining Royal Dutch Shell , Italy's Eni and France's Total in selling stakes in Niger Delta assets.

U.S. firm ConocoPhillips is also selling its Nigerian assets to Oando Energy for $1.79 billion.

Chevron wants to sell OML 52, 53 and 55 to one buyer and suitors will have to pay 15 percent of bids on Sept. 30, three sources close to the deals told Reuters. The firm will sell two other blocks, OML 82 and OML 85, in a separate bidding process.

The U.S. firm did not respond to a request for comment.

The three blocks have total oil reserves of around 134 million barrels and 5 trillion cubic feet of gas, two sources said. One company was willing to bid $1.7 billion for the assets but it was unlikely it was a credible buyer, the sources said.


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