Chevron will sell several of its Nigerian oilfields as part of its global drive to reshape its portfolio as it focuses on growing its U.S. shale output.
Chevron plans to join its rivals including Exxon Mobil and Royal Dutch Shell in a new drive by MNCs to reduce their footprint in Africa’s largest oil producer.
According to its website, Chevron’s Nigerian subsidiary operates and holds a 40% interest in 8 blocks in the onshore and near-onshore regions of the Niger Delta under a joint venture with Nigeria’s National Petroleum Company (NNPC).
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The company says in its website that in 2018, its production in Nigeria reached 194,000 barrels of crude oil per day, 233 million cubic feet of natural gas per day and 6,000 barrels of liquefied petroleum gas (LPG) per day.
The San Ramon, California-based company, Nigeria’s third-largest oil producer, is looking for buyers for a number of its onshore and shallow offshore fields, where local producers have expanded their presence, Reuters reports.
The discussions are being held directly with potential buyers and Chevron is not planning to launch a tender process for the assets at this stage, two of the sources said.
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