hevron Nigeria Limited on Friday formally completed the transfer of
producing assets in three oil mining leases to three indigenous oil
companies.
Chevron is the operator of the Nigerian National Petroleum Corporation (NNPC)/CNL joint venture.
Chevron had since November 2013, signed a sales and purchase agreement
with Seplat Consortium, comprising Seplat, Amni International Petroleum
Development Company Limited, and Delta State-owned Belema Oil for the
sale of its interests in OMLs 52, 53 and 55.
However the formal transfer of the assets was stalled following a
dispute by Britannia-U Nigeria Limited, which claimed it out-bided other
firms during the bid exercise.
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