Bloomberg News

Chevron to Sell Interest in Two Nigeria Shallow-Water Oil Leases

June 11, 2013

Chevron Corp. (CVX:US), the second-largest U.S. oil company, said it plans to sell its interest in two Nigerian shallow-water leases in the oil-rich delta of Africa’s top producer.

The sale of interest in oil-mining leases 83 and 85 is “part of a continuous process of portfolio evaluation and business prioritization,” James Craig, a Houston-based company spokesman, said today in an e-mailed response to questions.

Chevron, the third-largest producer in the West African country, operates a joint venture in which it holds a 40 percent stake and state-owned Nigerian National Petroleum Corp. owns 60 percent. The company holds interests in 10 deepwater oil blocks in Nigeria, including its 250,000 barrel-a-day Agbami field located 70 miles (113 kilometers) off the coast.

Chevron joins Royal Dutch Shell Plc (RDSA) and ConocoPhillips (COP:US) in selling Nigerian oil interests.

To contact the reporter on this story: Elisha Bala-Gbogbo in Abuja at ebalagbogbo@bloomberg.net

To contact the editor responsible for this story: Will Kennedy at wkennedy3@bloomberg.net


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Companies Mentioned

  • CVX
    (Chevron Corp)
    • $112.93 USD
    • 3.90
    • 3.45%
  • COP
    (ConocoPhillips)
    • $70.98 USD
    • 1.23
    • 1.73%
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