November 28, 2019 / 3:02 PM / 10 days ago

EXCLUSIVE-Chevron puts two Nigerian offshore blocks up for sale - document

* Two blocks produce 6,200 barrels of oil equivalent per day

* Chevron hires Scotiabank to run process

By Ron Bousso

LONDON, Nov 28 (Reuters) - Chevron has launched the sale of its stakes in two Nigerian offshore oil and gas blocks, a sale document seen by Reuters shows, as the company seeks to dispose of ageing assets to focus on its fast-growing U.S. production.

The U.S. energy giant is offering its 40% stake in the shallow-water Oil Mining Lease (OML) 86 and OML 88, which produce around 6,200 barrels of oil equivalent per day, the document says.

The sale is also part of a broader retreat by international oil companies from Nigerian oil and gas fields that have been plagued by pipeline theft as well as uncertainty over the West African country’s tax regime.

San Ramon, California-based Chevron hired Scotiabank to run the sale process.

Chevron did not reply to a request for comment. Scotiabank declined to comment.

Chevron tried and failed to sell the two blocks in 2015, when global deal-making in oil and gas dropped sharply following a collapse in oil prices the previous year.

OML 86 and 88 contain 55 million barrels of yet-to-be exploited (2P) oil barrels and 2.8 trillion cubic feet of undeveloped gas reserves, the document says.

Foreign oil companies including Chevron, Royal Dutch Shell and Exxon Mobil have retreated in recent years from onshore and shallow-water production in Nigeria due to oil theft, selling assets mostly to local companies. (Reporting by Ron Bousso; Editing by Dale Hudson)

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