Chevron Shortlists Preferred Bidders for Assets Sale

Chevron Shortlists Preferred Bidders for Assets Sale

Chevron has chosen its preferred bidders in the race for the acquisition of its interests in Oil Mining Leases (OMLs) 52, 53 and 55.
The sale of the assets was announced two months ago, followed by a further announcement, a week later that another two assets, OMLs 83 and 85 were also up for sale.
A shortlist of 10, mostly Nigerian companies, was initially drawn up although it appears that the number was later increased to 11. Among the winners are Seplat, First Hydrocarbon, Amni International Petroleum, Seven Energy and Britannia U. There is speculation that Sogenal , not being a producer, got in as the 11th successful candidate. according to reports by Nigeria Oil and gas intelligence (www.NOGintelligence.com).
The winners are expected to go forward to the data room for more detailed information on the assets and for management presentations. Final bids are to be submitted by the end of the September and the company is expected to close the deal by the end of the year before it then turns its hands to OMLs 83 and 85, as the IOC onshore divestment race continues.

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