Chevron Hands Over OML53, 55 To Seplat, Belema Oil

Chevron Nigeria Limited
(CNL), operator of the joint venture between the Nigeria National Petroleum Corporation (NNPC) and CNL on Friday announced its formal handing over of Oil Mining Leases (OMLs) 53 and 55 to Seplat and Belema Oil Producing Limited.
A statement which was signed by CNL General Manager, Policy, Government and Public Affairs, Deji Haastrup, said the two events concluded the asset  sale transaction for OML 53 between CNL and Seplat and CNL and Belema Oil for OML 55.
The Statement stated that the hand-over ceremony took place at CNL’s Lekki Headquarters while a similar induction exercise was conducted at the Jisike Flow Station, near Owerri in Imo State.
The CEO/MD of CNL, clay Neff who received CEO of Seplat, Austin Avuru and CEO of Belemaoil, Nedo Osayande at Lekki headquarters said the company was pleased to conclude the handover of the producing assets in OMLs 53 and 55 to Seplat and Belema Oil respectively.
“This affords these companies an opportunity to grow their production, while also confirming our commitment to developing Nigerian content”, Neff said.
Responding, Seplat boss noted that the acquisition of these assets was in realistion of a careful design strategy to create long-term value and shared propserity for the company’s shareholders.
“Seplat will leverage its core strengths and expertise to capitalize on growth opportunities available to them across the upstream value cycles”, he said.
On his own reaction, the founder of Belemaoil, Mr Jack-Rich Teir, said”,  we are pleased that the acquisition of OML55 by Belemaoil is now concluded and we will now proceed with our long-term strategy  to maximize value for all stakeholders”.

Chris Oluoh