Chevron Corp. speaks on plans to sell stakes in Nigeria oil fields

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Chevron Corp. on Thursday reacted to reports it was planning to sell stakes in Nigeria oil fields, saying that it was “currently revalidating their interest before determining next steps with respect to commencing a possible divestment process.”

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Chevron Corporation is an American multinational energy corporation, one of the successor companies of Standard Oil. It is headquartered in San Ramon, California, and active in more than 180 countries.

In a statement to TODAY NEWS AFRICA in Washington D.C., Ray Fohr, Chevron spokesperson, said Chevron Nigeria Limited (CNL) “continuously evaluates its portfolio of assets in the country.”

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He said: “Chevron Nigeria Limited (CNL), operator of the joint venture between the Nigerian National Petroleum Corporation and CNL, continuously evaluates its portfolio of assets in the country, as well as emerging opportunities in order to optimize its business.

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“Over the years, CNL has received unsolicited expressions of interest from companies who are desirous of acquiring CNL’s interest in OMLs 86 and 88.

“CNL is currently revalidating their interest before determining next steps with respect to commencing a possible divestment process.”

CNL is currently revalidating their interest before determining next steps with respect to commencing a possible divestment process– Ray Fohr, Chevron Spokesperson

Reports last week said Exxon and Chevron were selling stakes in fields in Nigeria, as U.S. companies retreat to shale projects at home.

In neighboring Equatorial Guinea, the Minister of Mines and Hydrocarbons, Mr. Gabriel Obiang Lima, announced just last Sunday that Exxon Mobil Corp. was also in talks to sell its oil assets in the central African nation.

Marathon Oil Corp. and Occidental Petroleum Corp. have also sold their stakes in Libya in recent years.

In the case of Exxon, the Wall Street Journal reported that the company was considering selling its stakes in Equatorial Guinea as part of broader plans to shed $25 billion of assets world-wide as it turns its focus to larger projects.

Many of those projects are in U.S. shale, “which has led to an unprecedented production boom in the U.S. and a reduction in exposure in Africa and other riskier places,” WSJ noted.

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Simon Ateba
Simon Ateba covers the White House, the U.S. government, the International Monetary Fund, the World Bank and other financial and international institutions for Today News Africa in Washington D.C. Simon can be reached on simonateba@todaynewsafrica.com

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