[DEAL] Chevron sells 40% stake in OML 83 & 85

U.S. oil company Chevron Corp said on Thursday it has completed the sale of its 40 percent stake in two Nigerian offshore oil blocks to local firm First Exploration & Petroleum Development Company Limited.

Chevron said in a statement that the sale of its interest in OML 83 and OML 85, started two years ago.

First Exploration & Petroleum Development Company Limited list Mr. Ademola Adeyemi-Bero as Chief Executive Officer, Managing Director and Director. Former Minister of Petroleum, Odein Ajumogobia is also said the be the Chairman of the company.

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Chevron did not provide any further details on the assets. First E&P said OML 83 and OML 85 has an estimated recoverable hydrocarbons volume of 340 million barrels of oil equivalent, with the first oil production planned for the third quarter of 2016.

Source: Reuters/Nairametrics