Chevron Nigeria Limited, American oil giant, has concluded plans to divest its 40 percent stake in two oil assets located in Bayelsa state; Oil Mining Lease (OMLs) 86 and 88, with Nigerian National Petroleum Corporation, NNPC, given first right of refusal.
The two affected OMLs are Pennington and Funiwa oil wells located in South-South Nigeria, Bayelsa State.
Lekki Times can authoritatively report that Chevron Nigeria Limited has received all requisite approvals and concluded all required steps to effect the transfer of CNL’s 40 percent interest in Oil Mining Lease 86 (“OML 86”) and Oil Mining Lease 88 (“OML 88”) to the Nigerian National Petroleum Corporation (“NNPC”).
Findings indicate that based on NNPC/CNL Joint Operating Agreement, NNPC exercised its right of first refusal to purchase CNL’s interest in OMLS 86 and 88.
Chevron Nigeria Ltd premised its divestment of OMLS 86 and 88 on company’s efforts to optimize portfolio of assets and represent an opportunity for indigenous companies and other investors to increase their participation in the upstream sector.
However, the company has field staff that the divestment does not affect.
The release by the Chevron Nigeria Ltd reads in part; “Consistent with the terms of the NNPC/CNL Joint Operating Agreement, NNPC exercised its right of first refusal to purchase CNL’s interest in OMLS 86 and 88. We will be working with the NNPC to ensure a seamless transfer of the assets.
“The personnel that are currently working within the divested assets are not in scope of the divestment. However, they will be reassigned to other assets within CNL and will be notified of their re-assignments and anticipated start dates.
“Chevron will continue to operate and invest in Nigeria. We continue to evaluate our portfolio of assets as well as emerging opportunities to continuously optimize our business.
“Our highest priority continues to be the safety and security of our employees, assets, and the neighboring communities to our operations. I encourage you to continue to maintain focus on working safely and reliably, and on delivering results the right way.”
It can be recalled that in 2021, Chevron reportedly divested its last stake in old oil assets located in Nigeria’s shallow waters; Oil Mining Licenses (OMLs) 86 and 88, selling its 40 per cent stake to Conoil Producing Limited.
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