Chevron Selling Aje Field Stake

Tuesday, December 27, 2011

 Yinka Folawiyo Petroleum Co., an indigenous Nigerian firm, will have one less partner on its Aje Field in OML 113 as US major Chevron sells its stake in the block. Chevron, operator and technical advisor on the block, plans to sell its portion stake to Energy Equity Resources.

The Aje field was discovered in 1996 and Yinka holds 60% interest in the block, while Chevron, Vitol Exploration Nigeria Ltd, Panoro Energy ASA, and Providence Resources Oil & Gas, hold the remaining 40%. Of the 40% stake held by the JV partners Chevron holds 45% of it.

If, and when the deal goes through, Energy Equity Resources could not only take Chevron’s stake but potentially the US firm’s position as operator although Yinka might have a problem with that. The Nigerian firm said that while Chevron is at “liberty” to sell its stake, operatorship will revert to it under the terms of the JV agreement.  

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