Fossil Energy – Nigeria
Chevron has initiated the sale of its stakes in two Nigerian offshore oil and gas blocks, aiming to divest aging assets and concentrate on its rapidly expanding U.S. production.
The U.S. energy giant is offering its 40 percent stake in the shallow-water Oil Mining Lease (OML) 86 and OML 88, which produce around 6,200 barrels of oil equivalent per day.
The sale is also part of a broader retreat by international oil companies from Nigerian oil and gas fields that have been plagued by pipeline theft as well as uncertainty over the West African country’s tax regime.
San Ramon, California-based Chevron has hired Scotiabank to run the sale process.
Chevron tried and failed to sell the two blocks in 2015, when global deal-making in oil and gas dropped sharply following a collapse in oil prices the previous year.
