Chevron to quit Nigeria, sell off assets


Chevron is divesting itself from oil fields in Nigeria for the shale fields in New Mexico and Texas.

Sources told Reuters that it has started discussing with buyers to sell some of its onshore and near offshore assets in Nigeria.

Information on the firm’s website shows that it has a 40 per cent stake in eight offshore oil blocks with the Nigeria National Petroleum Corporation, which holds a 60 per cent stake in the fields.

The company, which is Nigeria’s third largest oil producer, was delivering 194,000 barrels per day, 233m cubic fit of natural gas daily and 6,000 barrels of liquefied petroleum gas as at 2018.

Chevron will not do tenders for any of the assets it intends to sell.

Reuters reports that the company joins Royal Dutch Shell and Exon Mobil in divesting itself of fossil fuel assets in the country.

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