Chevron Moves To Divest Nigeria Assets From Fossil Fuels Field

One of Nigeria’s biggest Oil Producers and Investors, Chevron Nigeria Limited (CN) is making moves to divest its assets from fossil fuels field in the country.

Industry sources disclosed that the oil  firm had begun negotiating with buyers to sell some of its onshore and offshore assets in Nigeria.

The reports also claimed that the Chevron is the third largest oil producer, delivering 194,000 barrels per day,233 million cubit feet of natural gas and 6,000 Liquefied Petroleum Gas (LPG) as at 2018.

Earlier, The Herald reported that Chevron Nigeria Limited is reportedly relocating to the United States to focus on expanding its production of shale -(the new oil)

According to a special report by Reuters, this decision was reached “as part of a global drive to reshape its portfolio” The oil company has started sourcing for buyers for all its oil fields in the country.

Chevron currently operates and holds a 40 percent interest in eight concessions in the onshore and near-onshore regions of the Niger Delta under a joint-venture arrangement with the NNPC, according to the company’s official website. However, Chevron is yet to release an official statement to this report.

Reports recently stated that Deji Haastrup, the spokesman of Chevron Nigeria Limited yesterday said: “Chevron Nigeria Limited is selling its interest in Oil Mining Leases (OMLs) 83 and 85. Chevron has 40 per cent interest in the two blocks.”  

However, Reuters, quoting industry sources, said the two blocks OML 83 and OML 85 hold an estimated 200 million barrels of oil and an unknown amount of natural gas but there has been no production yet. Chevron did not give details of reserves.

A company spokesman said: “As part of a continuous process of portfolio evaluation and business prioritization, Chevron Nigeria Limited has put forward its interests in two oil mining leases for auction. The assets are located in the shallow waters.”  The planned sale follows several oil majors’ sale of assets onshore or in the shallow waters of the Niger Delta over the past few years.