Nigeria’s indigenous oil firm, Conoil is in advanced discussion to purchase 40 percent equity held by US oil major Chevron Corp. in shallow-water Oil Mining Lease (OML) 86 and OML 88.
Both fields contain 55 million barrels of yet-to-be exploited (2P) oil barrels and 2.8 trillion cubic feet of undeveloped gas reserves.
Africa Oil & Gas Report, an energy intelligence publication by a respected analyst, Toyin Akinosho, said Conoil is currently in discussion with the California-headquartered major, although it wasn’t clear, as of the time of this writing, how much the Lagos-based firm is betting on the assets which lie in contiguity with some of its own producing properties.
To run the sale process, Chevron has hired one of Canada’s big five banks and third-largest Canadian bank by deposits and...for further reading, click on https://businessday.ng/energy/article/conoil-in-advanced-talks-for-chevrons-shares-in-2-nigerian-offshore-blocks/