Chevron Set To Sell Its Nigerian Oil-Block

Chevron Nigeria has revealed its plan to sell some oilfields to restructure its portfolio and grow its U.S. shale output.

Naija News understands that chevron has started discussing with buyers to sell some of its onshore and near offshore assets in Nigeria.

Information on the firm’s website shows that it has a 40 percent stake in eight offshore oil blocks with the Nigeria National Petroleum Corporation, which holds a 60 percent stake in the fields.

The company, which is Nigeria’s third-largest oil producer, was delivering 194,000 barrels per day, 233m cubic fit of natural gas daily and 6,000 barrels of liquefied petroleum gas as at 2018. Chevron will not do tenders for any of the assets it intends to sell.

Naija News recalls that Chevron joins rivals including Exxon Mobil and Royal Dutch Shell in drive-by foreign oil companies to reduce their footprint in Africa’s largest oil producer.