Chevron to sell two more oil blocks

The current wave of divestments of oil and gas assets by the international oil companies (IOCs) to increase indigenous participation in the industry has received a boost as Chevron has unfolded its plan to offer two more oil blocks to prospective investors.

The US oil major, it was learnt, plans to divest 40 per cent from Oil Mining Leases (OMLs) 86 and 88, both located in shallow waters off Bayelsa State, bringing to seven the number of oil blocks sold by Chevron since 2013.

Chevron had sold its stakes in OMLs 52, 53, 55, 83 and 85 in a string of divestments carried out by the IOC within the two-year period.
After the sale of OMLs 86 and 88, Chevron would have disposed of all the shallow water assets it inherited after the acquisition of Texaco in the late 1990s.

Chevron’s Manager, Policy, Government and Public Affairs, Mr. Deji Haastrup, did not respond to text messages and calls when contacted to confirm the latest planned assets sale.