Chevron to sell two Nigeria stakes

LAGOS, June 25, 2015 – Chevron has announced that it will sell its 40-percent stakes in two Nigerian shallow-water developments, Oil Mining Leases (OML) 86 and 88.

The sale of the Niger Delta stakes follows the US company’s earlier divestment of 40-percent shares in OML 83 and 85, located in the same region.

The move is part of a trend of divestment by international companies in Nigeria’s onshore and shallow-water fields due to security concerns.

Nigeria continues to battle pipeline and infrastructure attacks, particularly against the assets of international majors, which are seen as more lucrative targets.

On Monday, the Nigeria Security and Civil Defence Corps said it would begin a drone surveillance programme to protect the pipelines.

In response to the issue, many internationals have shifted their focus offshore, where deepwater blocks can be developed with relatively more security.

The divestments have also led to a wave of acquisitions by local companies, seen as a positive development by a government aiming to grow the presence of domestic oil and gas companies.

Chevron’s OML 83 and 85 stakes were bought by local operator First Exploration & Petroleum Development Company.

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