Chevron Divests Interest in Two Niger Delta Licenses

Chevron Corp. announced plans to divest interest in Oil Mining Leases (ONL) 83 and 85 offshore Nigeria.

The oil fields, Madu (OML 85) and Anyala (OML 83), are situated in shallow waters offshore Bayelsa in the Niger Delta. Discovered in 1993 by Texaco Inc., development of the fields was deferred due to increasing costs. Neither field has been developed. It is estimated that both fields hold reserves in the amount of 250 million barrels of oil and 49 billion cubic feet per day.

"As part of a continuous process of portfolio evaluation and business prioritization, Chevron Nigeria Limited (CNL), operator of the NNPC/Chevron Joint Venture, has put forward its interests in two oil mining leases (OML 83 and OML 85) for auction," stated James Craig, media advisor for Africa and Latin America, Chevron, in an email to Rigzone. "The assets are located in the shallow waters offshore Niger Delta. All information pertaining to the assets are available in the data room specifically created for the purpose."

Chevron holds a 40-percent stake in the licenses under a joint venture with the Nigerian National Petroleum Corporation (NNPC). The company operates and holds a 40 percent interest in 13 concessions, predominantly in the onshore and near-offshore regions of the Niger Delta. The concessions cover about 2.2 million acres and are operated under a joint-venture arrangement with the NNPC, which owns a 60 percent stake.


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