Chevron Relinquishes Deepwater Block Offshore Nigeria

Chevron and Shell, joint owners in Block OPL 250, have relinquished the block to the Nigerian Federal Government after poor results from a five year exploration campaign. Participants in the block also included ConocoPhillips and Petrobras.

OPL 250 was one of eight blocks included in the first open bidding round held in 2000. The Iroko-1 was drilled on the block in 2004 and did not encounter commercial hydrocarbon reserves.

The block, which seemed to have an abundance of geological prospects, and attracted interest from major oil companies that participated in the 2000 licensing round, fell short of expectations.

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