The sale of 40% equity held by Chevron on Oil Mining Leases (OMLs) 86 and 88, is in top gear. Companies who have shown interest in acquiring the asset are expected to make full disclosure of their financial and operating capacities by the end of April 2020.
OMLs 86 and 86 are located in shallow waters at the mouth of the current Niger Delta Basin.
OML 86 contains the Apoi fields; the largest being North Apoi.
It also holds Funiwa , Sengana and Okubie fields. One recent discovery: Buko, straddles Shell Nigeria operated OPL 286 and is either on trend with, or even on the same structure as the HB field in OPL 286. OML 88 holds the Pennington and the Middleton fields, as well as the undeveloped condensate discovery, Chioma field.
If Chevron manages to sell off its holdings in OMLs 86 and 88, it would have disposed off all the legacy shallow water assets it acquired when it purchased Texaco in 1999.
Between 2013 and 2015, Chevron sold its stakes in OMLs 83 and 85, both of them former Texaco Nigeria assets.
It’s instructive, then, that Chevron’s largest producing asset in Nigeria, the Agbami field, was “inherited” in that same turn- of –the- century merger with Texaco; this deepwater field alone produces 165,000BOPD, more than a third of Chevron’s total operated crude oil production in Nigeria.