Chevron Corporation, yesterday, said it has notified the Federal Government of Nigerian that it has selected a preferred bidder a group led by Lagos-based Seplat Petroleum Development Company as the buyer of its onshore oil assets, which has been a subject of controversy.

Chevron is planning to sell the assets for $800 million, after tedious efforts to do so for 8 months.

The a assets worth about N128 billion are being put forward for acquisition by Seplat, which is partly owned by French independent oil company, Maurel & Prom.

Seplat, confirmed the firm made a bid, but declined comment upon whether Seplat was the favoured bidder and declined to discuss the price.

The onshore blocks, in the eastern part of the Niger Delta, are still at an exploration stage and are not yet producing oil.

The Nigerian government has the last word on whether the sale will go forward.

A Federal High Court had, Monday, upheld an order barring Chevron from selling its onshore assets until a legal dispute with Brittania-U is resolved.

“The court upheld the interim order in favour of Brittania to protect the assets while the substantive case is still being determined,” Ricky Tarfa, lawyer to Bittania-U disclosed outside the court premises.

“The judge said that the order needs to be in place until the case is decided

Source – Wall Street Journal, Africa Intelligence