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Nigeria warns Chevron oil block buyers may lose operating rights

  • Nigeria's state oil company warns investors interested in three shallow water oil blocks offered for sale by Chevron (CVX) that buyers may lose the right to operate them.
  • Nigeria National Petroleum publishes a notice in local newspapers reminding that, although CVX operates the blocks, the state oil firm has the right to take over operatorship as majority shareholder; CVX owns 40% of the blocks and NNPC 60%.
  • CVX's share of a total of five blocks it is selling amounts to reserves of 200M-250M barrels of crude and condensate.
Comments (2)
  • Creeping expropriation is now evident in Nigeria: the Russian model.
    Unless Nigeria reverses direction it is facing a multi year decline in oil and gas production. Chinese capital will rush in, of course, but it will not suffice.
    5 Sep 2013, 10:25 AM Reply Like
  • Typical 3rd World/Banana Republic action. And of course, the "state" company is in reality the dictator du jour.

     

    Better to avoid these places in the first place. Plenty of natural resources elsewhere.
    5 Sep 2013, 10:34 AM Reply Like
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