American multinational energy corporation, Chevron Corp, has said it will be selling its 40 percent stakes in two Nigerian shallow water offshore oil blocks.
In a staement on Wednesday, Chevron Nigeria said it was offering Oil Mining Leases (OML) 86 and 88 in the Niger Delta area of Nigeria for sale.
Chevron in February completed the sale of its 40 percent stakes in two Nigerian shallow water offshore oil blocks, OML 83 and 85, to local firm First Exploration & Petroleum Development Company Limited (First E&P).
Oil theft, pipeline vandalism and uncertainty over taxes in Nigeria’s proposed oil bill, which is still in the making, has been holding back billions of dollars in investment, especially in capital-intensive deepwater offshore blocks, leading some multinational upstream firms to sell them.
Last year, Oando completed the acquisition of Conoco Phillips’s upstream oil and gas business in Nigeria.