Petroleum Africa
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Wednesday, January 15, 2014
Delays are being seen in the sale of the Nigerian assets Chevron put up for auction. According to reports, closing of the sales are delayed due to legal disputes involving potential buyers. Chevron has chosen its preferred bidders for the five blocks it put up for sale but the deals have not closed because rival firms have disputed its decision. One of the bidders is even taking Chevron to court over the issue.
The assets on the auction block are OML 52, 53, and 55. They will go to one buyer and suitors will have to pay 15% of their bid on the deadline date. Chevron also plans to sell OML 82 and OML 85 in a separate bidding process.
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