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Friday, September 6, 2013
Investors interested in picking up one of the shallow water or onshore blocks that numerous international firms are putting on the market in Nigeria, should be aware that just because they buy the operators stake, they will not necessarily become operator, NNPC warned. Nigeria’s state-run firm warned investors interested in the three shallow water blocks put on the market by US major Chevron that buyers would not necessarily become operator.
“Chevron shall cease to be the operator upon assignment of their participating interest,” it said. “Therefore prospective buyers should note that automatic operatorship does not come with the acquisition of any of these blocks.”
The government of the West African nation is looking to take a more direct ownership in its oil and gas assets through the state-run firm. NNPC published a notice in local newspapers saying that there had been a “recent high level of interest shown by various investors in the ongoing divestment program for OMLs 52, 53 and 55 by Chevron Nigeria.”
The NOC went on to remind potential investors that although Chevron currently operates the blocks, the state oil firm has the right to take over the operatorship as majority shareholder. Chevron owns 40% of the blocks and NNPC 60%.
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