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Chevron considers divesting from Nigeria, to focus on U.S Shale Oil

Titobioluwa Okunade by Titobioluwa Okunade
October 30, 2019
in Business News, Company News
NUPENG threatens to embark on strike, Chevron Nigeria Limited, Nigeria Union of Petroleum and Natural Gas Workers, Nigerian National Petroleum Corporation, Petroleum and Natural Gas Senior Staff Association of Nigeria, NUPENG and PENGASSAN, Chevron concludes gas sale deal with GenCo, one other , Chevron considers divesting from Nigeria, to focus on U.S Shale Oil, Chevron crisis continues as NUPENG issues new threat, Chevron bows to pressure, set to recall workers  
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Chevron is reportedly planning to sell some of its Nigerian oilfields in order to focus on U.S shale oil production, joining its competitors such as Exxon Mobil and Royal Dutch Shell in divesting from Nigeria.

Chevron, which is Nigeria’s third-largest oil company in term of production, is looking for buyers for its onshore and shallow oil fields where local producers have increased operations and production. Chevron is reportedly in direct talks with potential buyers and is planning not to launch a tender process for the sale of the assets.

[READ MORE: OML11: Ogoni Community pushes for local oil-producing company]

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According to its website, Chevron Nigeria operates and owns 40% of the interest in 8 oil blocks in the onshore and near onshore regions of the Niger Delta under a joint venture with Nigeria National Petroleum Corporation (NNPC)

Meanwhile, in 2018, Chevron’s 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, according to its website.

Recent development: Earlier in the year, Exxon Mobil considered divesting from Nigeria, putting up its stakes in both onshore and offshore sites for sale. Exxon was reportedly expected to raise about $3 billion from the sale of its assets, and by 2021 would have raised $15 billion from divestment.

By spending close to $30 billion this year, Exxon seeks to develop oilfields in Guyana and the U.S. Permian basin as well as gas projects in Mozambique and the U.S. Gulf Coast.

[READ ALSO: Lekoil secures $11.5 million facility]

However, the Nigerian government has in the last decade supported a drive by domestic firms such as Oando, Seplat and privately-held Aiteo to expand their operations in the country as international companies including Royal Dutch Shell sought to lower their presence due to oil spills resulting from pipeline sabotage.


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Tags: ChevronExxon MobilOandoOn the MoneyRoyal Dutch Shellseplat
Titobioluwa Okunade

Titobioluwa Okunade

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Comments 2

  1. QA says:
    October 30, 2019 at 5:20 pm

    The author of this article tried, however it is obvious he/she does not understand the Oil and Gas industry at all.IOCs divesting from JV(Joint Venture) doesn’t mean they are “leaving” Nigeria considering the fact that almost all of them still have assets that are PSC(Production Sharing Contract).

    Reply
    • AQ says:
      May 19, 2021 at 11:38 pm

      There’s actually no place in the article where the author said that divesting means that they’re leaving Nigeria. So what’s your argument really about?

      Reply

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