• Hausa Edition
  • Podcast
  • Conferences
  • LeVogue Magazine
  • Business News
  • Print Advert Rates
  • Online Advert Rates
  • Contact Us
Friday, August 1, 2025
Leadership Newspapers
Read in Hausa
  • Home
  • News
  • Politics
  • Business
  • Sport
  • Health
  • Entertainment
  • Opinion
    • Editorial
  • Columns
  • Football
  • Others
    • LeVogue Magazine
    • Conferences
    • National Economy
  • Contact Us
No Result
View All Result
  • Home
  • News
  • Politics
  • Business
  • Sport
  • Health
  • Entertainment
  • Opinion
    • Editorial
  • Columns
  • Football
  • Others
    • LeVogue Magazine
    • Conferences
    • National Economy
  • Contact Us
No Result
View All Result
Leadership Newspapers
No Result
View All Result

Chevron Puts 6,200bpd Oil Asset On Sale In Nigeria

by Chika Izuora
1 year ago
in News
FILE PHOTO: A Chevron gas station sign is seen in Del Mar, California, April 25, 2013. Chevron will report earnings on April 26. REUTERS/Mike Blake/File Photo/File Photo

FILE PHOTO: A Chevron gas station sign is seen in Del Mar, California, April 25, 2013. Chevron will report earnings on April 26. REUTERS/Mike Blake/File Photo/File Photo

Share on WhatsAppShare on FacebookShare on XTelegram

American oil giant Chevron has launched the sale of its stakes in two Nigerian offshore oil and gas blocks, as the company seeks to dispose of ageing assets to focus on its fast-growing U.S. production.

Advertisement

The U.S. energy giant is offering its 40 per cent stake in the shallow-water Oil Mining Lease (OML) 86 and OML 88, which produce around 6,200 barrels of oil equivalent per day, the document says.

The sale is also part of a broader retreat by international oil companies from Nigerian oil and gas fields that have been plagued by pipeline theft as well as uncertainty over the West African country’s tax regime.

San Ramon, California-based Chevron has hired Scotiabank to run the sale process.

“Chevron Nigeria Limited (CNL), operator of the joint venture between the Nigerian National Petroleum Corporation and CNL, continuously evaluates its portfolio of assets in the country including Oil Mining Leases (OMLs) 86 and 88, as well as emerging opportunities in order to optimise its business,” spokesman Ray Fohr said in a statement.

RELATED

UNILAG SSANU Elects Substantive New Officers After 9-yr Legal Tussles

UNILAG SSANU Elects Substantive New Officers After 9-yr Legal Tussles

1 hour ago
Niger Secures $10m World Bank Funding For Erosion Control

Niger Gov Orders Reopening Of IBB Varsity

1 hour ago

“Over the years, CNL has received unsolicited expressions of interest from companies who are desirous of acquiring CNL’s interest in OMLs 86 and 88. CNL is currently revalidating their interest before determining next steps with respect to commencing a possible divestment process,” Fohr added

Scotiabank declined to comment.

Chevron tried and failed to sell the two blocks in 2015, when global deal-making in oil and gas dropped sharply following a collapse in oil prices the previous year.

 

OML 86 and 88 contain 55 million barrels of yet-to-be exploited (2P) oil barrels and 2.8 trillion cubic feet of undeveloped gas reserves, the document says.

 

Foreign oil companies including Chevron, Royal Dutch Shell and Exxon Mobil have retreated in recent years from onshore and shallow-water production in Nigeria due to oil theft, selling assets mostly to local companies.


We’ve got the edge. Get real-time reports, breaking scoops, and exclusive angles delivered straight to your phone. Don’t settle for stale news. Join LEADERSHIP NEWS on WhatsApp for 24/7 updates →

Join Our WhatsApp Channel




SendShareTweetShare
Previous Post

Putin Begins His Next Presidential Term, Mulls Life Rule

Next Post

Best Travel Insurance Companies In Nigeria

Chika Izuora

Chika Izuora

You May Like

UNILAG SSANU Elects Substantive New Officers After 9-yr Legal Tussles
News

UNILAG SSANU Elects Substantive New Officers After 9-yr Legal Tussles

2025/08/01
Niger Secures $10m World Bank Funding For Erosion Control
News

Niger Gov Orders Reopening Of IBB Varsity

2025/08/01
Response Teams On Red Alert As Floods Threaten Abuja, Nearby States
News

Response Teams On Red Alert As Floods Threaten Abuja, Nearby States

2025/08/01
Oyo Gov’t Approves Additional Loan For Farmers
News

Oyo Gov’t Approves Additional Loan For Farmers

2025/08/01
Oyo Gov’t Warns Against Indiscriminate Waste Disposal, Open Defecation
News

Oyo Gov’t Warns Against Indiscriminate Waste Disposal, Open Defecation

2025/08/01
CJID Report Names Imo, Bauchi, Lagos ‘Most Dangerous States’ For Journalists
News

CJID Report Names Imo, Bauchi, Lagos ‘Most Dangerous States’ For Journalists

2025/08/01
Leadership Conference advertisement

LATEST

UNILAG SSANU Elects Substantive New Officers After 9-yr Legal Tussles

Niger Gov Orders Reopening Of IBB Varsity

Response Teams On Red Alert As Floods Threaten Abuja, Nearby States

Oyo Gov’t Approves Additional Loan For Farmers

Oyo Gov’t Warns Against Indiscriminate Waste Disposal, Open Defecation

CJID Report Names Imo, Bauchi, Lagos ‘Most Dangerous States’ For Journalists

INEC Fixes August 18 To Begin Nationwide Continuous Voter Registration

WAFCON: Gov Fintiri Gifts Falcons’ Coach Madugu House, N50m

Newcastle Reject Liverpool £120m Bid For Alexander Isak

NSIB’s New Regulations Target Safety In Rail, Maritime, Air Transportation

© 2025 Leadership Media Group - All Rights Reserved.

No Result
View All Result
  • Home
  • News
  • Politics
  • Business
  • Sport
  • Health
  • Entertainment
  • Opinion
    • Editorial
  • Columns
  • Football
  • Others
    • LeVogue Magazine
    • Conferences
    • National Economy
  • Contact Us

© 2025 Leadership Media Group - All Rights Reserved.