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Finance - News around Africa - Profiles - October 30, 2019

Chevron to sell off Stake in Nigerian Oil Fields

Chevron is set to sell off its stake in the Nigerian oilfields in a bid to juggle its portfolio as it focuses on growing its U.S. shale output.

According to Reuters, banking and industry sources say the global oil will sell off several of its oilfields in the West African country –  a move that will join them with rivals such as Exxon Mobil and Royal Dutch Shell who are gradually reducing their activities in Africa’s largest oil-producing company due to political and security instability over the years.

Similarly, California-based company, San Ramon which is Nigeria’s third-largest oil producer, is looking for buyers for a number of its the onshore and shallow offshore fields mostly where local producers have expanded their presence.

Chevron’s Nigerian subsidiary operates and holds a 40% interest in 8 blocks in the onshore and near-onshore regions of the Niger Delta under a joint venture with Nigeria’s National Petroleum Company (NNPC), according to its website.

However, discussions are on with potential buyers and Chevron is not planning to launch a tender process for the assets at this stage, two of the sources said.

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.

Chevron did not respond to a request for comment from Reuters.

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