U.S. oil company Chevron Corp said on Thursday it has completed the
sale of its 40 percent stake in two Nigerian shallow water offshore oil
blocks to local firm First Exploration & Petroleum Development
Company Limited (First E&P).
Chevron said in a statement that the sale of its interest in OML 83 and OML 85, started two years ago.
First E&P said in a statement that the acquisition was completed
in February, with state-owned oil firm NNPC holding the balance of 60
percent.
It said full seismic data had been acquired for both OML 83 and OML
85 acreages but production was yet to commence on both fields, which is
located in Nigeria’s Niger Delta region.
Chevron did not provide any further details on the assets. First
E&P said OML 83 and OML 85 has an estimated recoverable hydrocarbons
volume of 340 million barrels of oil equivalent, with the first oil
production planned for the third quarter of 2016.
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