Chevron has announced plans to sell most of its oilfields in Nigeria, joining rivals like Exxon Mobil and Royal Dutch Shell who are also reducing their footprint in Africa’s largest oil producer.
Chevron’s Nigerian subsidiary operates and holds a 40 per cent interest in eight blocks in the onshore and near-onshore regions of the Niger Delta under a joint venture with the Nigeria National Petroleum Company (NNPC).
A statement on the company’s website, 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.
Reuters reports that the San Ramon, California-based company is looking for buyers for a number of its onshore and shallow offshore fields, where local producers have expanded their presence.
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, sources say.