Chevron Selling 40% Stakes in Two More Nigerian Oil Blocks

Reuters

LAGOS, June 24 (Reuters) - U.S. oil company Chevron Corp said on Wednesday it was selling its 40 percent stakes in two more Nigerian shallow water offshore oil blocks, Oil Mining Leases (OML) 86 and 88 in the Niger Delta area.

Chevron in February completed the sale of its 40 percent stakes in two Nigerian shallow water offshore oil blocks, OML 83 and 85, to local firm First Exploration & Petroleum Development Company Limited (First E&P).

Oil theft, pipeline vandalism and uncertainty over taxes in Nigeria's proposed oil bill, which is still in the making, has been holding back billions of dollars in investment, especially in capital-intensive deepwater offshore blocks, leading some multinational upstream firms to sell them.

Last year, Oando completed the acquisition of ConocoPhillips's upstream oil and gas business in Nigeria.

(Reporting by Chijioke Ohuocha; Editing by David Clarke)

Copyright 2017 Thomson Reuters. Click for Restrictions.

WHAT DO YOU THINK?

Click on the button below to add a comment.
Post a Comment
Generated by readers, the comments included herein do not reflect the views and opinions of Rigzone. All comments are subject to editorial review. Off-topic, inappropriate or insulting comments will be removed.

Related Companies
Events  SUBSCRIBE TO OUR NEWSLETTER

Our Privacy Pledge
SUBSCRIBE



Most Popular Articles

From the Career Center
Jobs that may interest you
Office Manager
Expertise: Asset Management|Operations Management|Secretarial or Administrative
Location: Von Ormy, TX
 
Sr. Analyst - Mobile & Application Development
Expertise: IT - Programming & Database|IT - Software Development|Project Management
Location: Houston, TX
 
Senior Project Manager - Chemicals
Expertise: Project Management
Location: Greenville, SC
 
search for more jobs

Brent Crude Oil : $50.64/BBL 0.62%
Light Crude Oil : $48.04/BBL 1.47%
Natural Gas : $3.01/MMBtu 2.58%
Updated in last 24 hours