Firms bicker over Chevron oil blocks

Controversy has continued to surround the sale of oil blocks belonging to Chevron Corporation of the United States and its Nigerian subsidiary, Chevron Nigeria Limited.

Two indigenous oil firms, First E&P and Petroleos De Geneve, are at loggerheads over the supposed sale of Chevron’s OML 83 and OML 85.

It was reported that First E&P, a Nigerian independent oil company, had clinched the Chevron 40 per cent stake in the assets.

But investigations by our correspondent showed that the two indigenous oil firms were the finalists from a list of many local and international companies that bid for the assets.

Under the bid term released by Chevron, bidding companies were required to provide standby Letters of Credit, which the two finalists complied with, those knowledgeable about the transaction told our correspondent.

[Punch]

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