Two Nigerian Oil Blocks Offloaded By Chevron

Chevron on Tuesday announced it was selling its interest in two
Nigerian oil blocks, becoming the latest multi-national to part with
assets in Africa's biggest crudeproducer.
The move will see US-based Chevron sell its 40-percent stakes in oil
mining leases 83 and 85 located in shallow water off Nigeria's Bayelsa
state in the country's Niger Delta region.
The blocks contain the Madu and Anyala fields and are owned through a
joint venturewith Nigerian state oil firm NNPC.
Chevron declined to provide information on reserves. Localmedia
reported that the blocks contain reserves of some 250 million barrels
of oil.
Chevron has been Nigeria's third-biggest oil producer, after Shell and
Exxon, with daily output at 238,000 barrels of crude per day in 2012.
It will continue to havea major presence in Nigeria.
The move marks the latest sale of Nigerian assets by a multi-national
company and comes amid uncertainty in thecountry's oil industry, with
a sweeping overhaul of regulations, royalties and taxes delayed for
years and still stuck in parliament.
Shell has been seeking to sell off its stakes in several onshore
blocks, and analysts say the British-Dutch firm appears willing to
shift more of its focus offshore, where the risks of sabotage, theft
and militant attacks are lower.
In November, French oil group Total announced the sale of its
20-percent stake in a Nigerian offshore bloc to China's Sinopec for
$2.5 billion.
Meanwhile in December, Nigerian firm Oando announced the purchase of
ConocoPhillips' interests in the country.