Why Oil plant, Chevron is leaving Nigeria

Top Oil Business, Chevron is divesting itself from oil fields in Nigeria for the shale fields in New Mexico and Texas.

According to Reuters, the company has started discussing with buyers to sell some of its onshore and near offshore assets in Nigeria.

Information on the firm’s website shows that it has a 40 per cent stake in eight offshore oil blocks with the Nigeria National Petroleum Corporation, which holds a 60 per cent stake in the fields.

The company, which is Nigeria’s third-largest oil producer, was delivering 194,000 barrels per day, 233m cubic fit of natural gas daily and 6,000 barrels of liquefied petroleum gas as at 2018.

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