Chevron (CVX) to Sell Two Nigerian Shallow Water Blocks
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Chevron (NYSE: CVX) is moving to unload two holdings offshore Nigeria, the company said late Tuesday.
The two blocks, OML 83 and OML 85, are said to hold about 200 million barrels of oil and an unknown amount of natural gas. The assets are shallow water plays, Chevron said.
No production has occurred at the two sites, noted Reuters this morning.
Net daily production for Chevron in Nigeria averaged 238,000 barrels and 165 million cubic feet of nat gas per day in 2012. The company has a 40 percent stake in 13 shallow water blocks with Nigeria's state-owned NNPC and also has several deep water offshore assets.
Shares of Chevron are flat in early trading.
The two blocks, OML 83 and OML 85, are said to hold about 200 million barrels of oil and an unknown amount of natural gas. The assets are shallow water plays, Chevron said.
No production has occurred at the two sites, noted Reuters this morning.
Net daily production for Chevron in Nigeria averaged 238,000 barrels and 165 million cubic feet of nat gas per day in 2012. The company has a 40 percent stake in 13 shallow water blocks with Nigeria's state-owned NNPC and also has several deep water offshore assets.
Shares of Chevron are flat in early trading.
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