Chevron Corp set to receive bids for its Nigerian oil block- sources

By IVCPOST Staff Reporter

Sep 24, 2013 08:59 AM EDT

Industry sources told Reuters that Chevron Corp would be receiving bids from interested parties for its Nigerian oil blocks. The bids for the three oil blocks that the US oil firm owns in the Niger Delta were due on September 30. The sources further said that local Nigerian firms were also set to submit their offers.

The three oil blocks have a value of USD 500 million to USD 600 million, according to oil industry insiders. Offers of winning bids were expected to be within these amounts. In June, Chevron announced the sale of its 40% stake in five onshore blocks in the Niger Delta. Three other firms, Royal Dutch Shell, Italy-based Eni and French Total were also selling assets they hold in Nigeria. Meanwhile, ConocoPhillips also sold its Nigerin assets valued at USD 1.79 billion.

Sources also told Reuters that Chevron would selling blocks OML 52, 53 and 55 to one buyers. Interested parties would need to give 15% of their bid amounts by September 30. The two other blocs, OML 82 and OML 85 would be sold in another bidding process.

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