Home money Chevron tries to sell off two businesses in Nigeria, again

Chevron tries to sell off two businesses in Nigeria, again

by Ayodeji Onibalusi
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Oil theft has caused some of Nigeria’s biggest oil exploration companies to abandon their onshore and shallow water operations in the country. These include giants like Chevron, Royal Dutch Shell and ExxonMobil.

According to reports from Reuters News Agency, citing a sale document, Energy giant Chevron is in a bid to sell off its stakes in two offshore oil and gas blocks in the country. This might be in an effort to unburden itself of old assets while it focuses on increasing production in the USA.

A spokesperson for Chevron also confirmed the sale. In a statement released to the press, Ray Fohr said

“Chevron Nigeria Limited (CNL), operator of the joint venture between the Nigerian National Petroleum Corporation and CNL, continuously evaluates its portfolio of assets in the country including Oil Mining Leases (OMLs) 86 and 88, as well as emerging opportunities in order to optimize its business.”

The company has tapped finance giant Scotiabank to handle the sale process.

As major international companies retreat from Nigerian shores in a bid to focus on increasing production from larger markets, local oil companies will take over the assets they release.

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