Chevron selling 40 pct stakes in two more Nigerian oil blocks

Jun 25, 2015 12:00 AM

U.S. oil company Chevron said on Wednesday it was selling its 40 percent stakes in two more Nigerian shallow water offshore oil blocks, Oil Mining Leases (OML) 86 and 88 in the Niger Delta area.

Chevron in February completed the sale of its 40 percent stakes in two Nigerian shallow water offshore oil blocks, OML 83 and 85, to local firm First Exploration & Petroleum Development Company.

Oil theft, pipeline vandalism and uncertainty over taxes in Nigeria's proposed oil bill, which is still in the making, has been holding back billions of dollars in investment, especially in capital-intensive deepwater offshore blocks, leading some multinational upstream firms to sell them.

Last year, Oando completed the acquisition of ConocoPhillips's upstream oil and gas business in Nigeria.

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