Petroleum Africa
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Wednesday, June 12, 2013
Chevron is said to be selling stakes in two of its blocks in Nigeria. While the company says it is part of a continuous portfolio evaluation and business prioritization, it is not the first major firm to sell off shallow or onshore Nigerian assets and there could be more than one reason behind the sale.
Security in Nigeria is not all that could be hoped for as pirates seem to gravitate to this section of the Gulf of Guinea and oil theft is rampant. There is also the chance that the country’s Petroleum Industry Bill could be enacted and even though it’s not an official law yet it has put a severe damper on investment from the larger operators.
Shell, Total, and ENI have sold off more than a few of its blocks onshore the West African country and ConocoPhillips is looking to sell $1.8 billion in assets .
The two blocks Chevron will be selling are OML 83 and OML 85. The two blocks hold an estimated 200 million barrels of oil and an unknown amount of natural gas but are not producing yet.
Chevron nets a daily average production of about 238,000 bpd of oil and 165 Mmcf/d of natural gas from a 40% stake in 13 shallow water blocks. The US major also holds a stake in an offshore block.
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