Oil Blocks: Chevron Completes Sale Of 40% Stake In Two Local Firms

Oil Blocks: Chevron Completes Sale Of 40% Stake In Two Local FirmsU.S. oil company, Chevron Corp said on Thursday it has completed the sale of its 40 percent stake in two Nigerian shallow water offshore oil blocks to local firm First Exploration & Petroleum Development Company Limited (First E&P).

Chevron said in a statement that the sale of its interest in OML 83 and OML 85, started two years ago.

First E&P said in a statement that the acquisition was completed in February, with state-owned oil firm NNPC holding the balance of 60 percent.

It said full seismic data had been acquired for both OML 83 and OML 85 acreages but production was yet to commence on both fields, which is located in Nigeria’s Niger Delta region.

Chevron did not provide any further details on the assets. First E&P said OML 83 and OML 85 has an estimated recoverable hydrocarbons volume of 340 million barrels of oil equivalent, with the first oil production planned for the third quarter of 2016.

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