Chevron is smartly leaving Nigeria to go focus on Shale back home in America.
The multinational energy corporation is divesting itself from oil fields in Nigeria for the shale fields in New Mexico and Texas.
News have it that Chevron has started discussing with buyers to sell some of its onshore and near offshore assets in Nigeria.
Information on the firm’s website shows that it has a 40 per cent stake in eight offshore oil blocks with the Nigeria National Petroleum Corporation, which holds a 60 per cent stake in the fields.
Chevron is Nigeria’s third largest oil producer and delivers up to 194,000 barrels per day, 233m cubic fit of natural gas daily and 6,000 barrels of liquefied petroleum gas (as at 2018).
Reuters reports that the company joins Royal Dutch Shell and Exon Mobil in divesting itself of fossil fuel assets in Nigeria.
Chevron will not do tenders for any of the assets it intends to sell.
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