Chevron hands over assets to Seplat, Belemaoil

Chevron Nigeria Limited (CNL), operator of the joint venture (JV) between the Nigerian National Petroleum Corporation (NNPC) and CNL (the “NNPC/CNL JV) has formally handed over the producing assets in OMLs 53 and 55 to Seplat Petroleum Development Company Plc. (Seplat) and Belemaoil Producing Limited (Belemaoil) respectively Friday in Lagos.

A similar handover and induction exercise was conducted at the Jisike Flow Station, near Owerri, Imo State.

These events conclude the asset sale transaction between CNL and Seplat for OML 53, and between CNL and Belemaoil for OML 55. Clay Neff, Chairman and Managing Director, CNL, who received Austin Avuru and Nedo Osayande the CEOs of Seplat and Belemaoil respectively at CNL’s Lekki headquarters said:

“We are pleased to conclude the handover of the producing assets in OMLs 53 and 55 to Seplat and Belemaoil respectively. This affords these companies an opportunity to grow their production, while also confirming our commitment to developing Nigerian content.”

In response, Mr. Avuru acknowledged that “The acquisition of these assets is in realization of our carefully designed strategy to create long-term value and shared prosperity for our shareholders and other stakeholders.”

He confirmed that “Seplat will leverage its core strengths and expertise to capitalize on growth opportunities available to them across the upstream value cycle.” In his own response, the founder of Belemaoil, Mr. Jack-Rich Tein said “we are pleased that the acquisition of OML 55 by Belemaoil is now concluded and we will now proceed with our long-term strategy to maximize value for all stakeholders.”

CNL signed a Sales and Purchase Agreement in November 2013 for the sale of its interests in OMLs 52, 53 and 55 to The Seplat Consortium comprising Seplat, Belemaoil and Amni International Petroleum Development OML 52 Company Limited.