One of Nigeria’s biggest Oil Producers and Investors, Chevron Nigeria Limited(CNL) 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 is currently sourcing for buyers for all its oil fields in the country.
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Chevron joins rivals including Exxon Mobil and Royal Dutch Shell in a drive by foreign oil companies to reduce their footprint in Africa’s largest oil producer which has been mired in political and security instability in recent years.
The San Ramon, California-based company, Nigeria’s third largest oil producer, is looking for buyers for a number of its the onshore and shallow offshore fields, where local producers have expanded their presence.
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.
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However, Chevron is yet to release an official statement to this report
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