Thursday, 13 June 2013

FG feigns ignorance of Chevron’s plans to sell oil bloc stakes

The Federal Government, the majority partner in the Oil Mining Lease (OML) 35 and 38, has denied knowledge of plans by Chevron Corporation to sell stakes in two Nigerian oil blocks.
This declaration, may have however, swiftly heightened fears among prospective investors in the blocks.
Chevron is, according to the Nigerian National Petroleum Corporation (NNPC), expected to officially inform the government, which, through the NNPC owns about 55 per cent stake in the blocks purportedly up for sale before announcing such.
The oil major is the latest International Oil Company (IOC), operating In Nigeria’s multi-billion dollars oil and gas industry, seeking to dispose of assets in Africa’s biggest oil producer. Joint blocks’ owners like Royal Dutch Shell, Italy’s Eni and France’s Total have sold several blocks.
The two newest blocks for sale also hold an unknown amount of natural gas but there has been no production yet, Reuters reported quoting two industry sources.

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