Chevron to sell two Nigerian oil blocks

One of the major oil companies in Nigeria, Chevron, has concluded plans to sell its stake in two Nigerian shallow water oil blocks, Nigerian Tribune has reliably gathered.

The company becomes the latest International Oil Company (IOC) to dispose of its assets in the country.

The sale of interest in oil-mining leases 83 and 85 is 'part of a continuous process of portfolio evaluation and business prioritization,' James Craig, a Houston-based company spokesman, said Tuesday in an e-mailed response to questions.

Chevron, the third-largest producer in the West African country, operates a joint venture in which it holds a 40 percent stake and state-owned Nigerian National Petroleum Corp. owns 60 percent. The company holds interests in 10 deepwater oil blocks in Nigeria, including its 250,000 barrel-a-day Agbami field located 70 miles (113 kilometers) off the coast.

The source did not give details of reserves. The combined assets is worth over $40 billion.

Chevron owns a 40 per cent stake in 13 shallow water blocks in partnership with the Nigerian National Petroleum Corporation (NNPC) and it has several deep offshore assets.

The company's net daily production in 2012 in Nigeria averaged 238,000 barrels of crude oil and 165 million cubic feet of natural gas.

Due to the non-passage of the Petroleum Industry Bill (PIB) and high rate of crude oil theft, several oil majors have sold assets onshore or in the shallow waters of the Niger Delta over the past few years.