Brittania-U Nigeria Limited bid $1.6 billion for three oil blocks (OMLs) 52, 53 and 55
The $1.6 billion bid made by Brittania-U Nigeria Limited for the three oil blocks offered for sale by Chevron Nigerian Limited, has raised eyebrows.
The concern in the oil industry has been fuelled by the fact that Seplat Petroleum Development Company, which emerged the reserve bidder for the blocks and has a track record of funding large acquisitions, was unable to offer up to half of Brittania-U’s bid, described as very aggressive, for the assets. Seplat reportedly offered only $630 million for Chevron’s 40 per cent stake in Oil Mining Leases (OMLs) 52, 53 and 55.
Oil industry experts feel the mean value of the three blocks combined was estimated at between $500 million and $600 million.
Source: Various Agencies