Chevron to Sell Interest in Two Nigeria Shallow-Water Oil Leases

Chevron Corp. (CVX), the second-largest U.S. oil company, said it plans to sell its interest in two Nigerian shallow-water leases in the oil-rich delta of Africa’s top producer.

The sale of interest in oil-mining leases 83 and 85 is “part of a continuous process of portfolio evaluation and business prioritization,” James Craig, a Houston-based company spokesman, said today in an e-mailed response to questions.

Chevron, the third-largest producer in the West African country, operates a joint venture in which it holds a 40 percent stake and state-owned Nigerian National Petroleum Corp. owns 60 percent. The company holds interests in 10 deepwater oil blocks in Nigeria, including its 250,000 barrel-a-day Agbami field located 70 miles (113 kilometers) off the coast.

Chevron joins Royal Dutch Shell Plc (RDSA) and ConocoPhillips (COP) in selling Nigerian oil interests.

To contact the reporter on this story: Elisha Bala-Gbogbo in Abuja at ebalagbogbo@bloomberg.net

To contact the editor responsible for this story: Will Kennedy at wkennedy3@bloomberg.net

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