Reiterates its Commitment to Nigerian Content

Clay Neff (in the middle), Chairman & Managing Director of Chevron Nigeria Limited (CNL) exchanges the agreement of the sale of  CNL’s interest in OMLs 52, 53 and 55 with Austin Avuru (third right), Chief Executive Officer, Seplat Petroleum and representative of the Seplat Consortium comprising of Seplat, Amni and Belemaoil -yesterday in Lagos. Others are:  (left to right) – Mirian Kachikwu, General Counsel, Seplat Petroleum ; Stuart Connal, Chief Operating Officer, Seplat Petroleum; Nedo Osayande, Managing Director, Belemaoil;  Roger Brown, Chief Financial Officer, Seplat Petroleum and Chioma Nwachukwu, General Manager, External Affairs and Communications, Seplat Petroleum.

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, at a brief but impressive ceremony in CNL’s Lekki Headquarters. 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 Belema oil for OML 55.

Clay Neff, Chairman and Managing Director, CNL, who received Austin Avuru and Nedo Osayande the CEOs of Seplat and Belema oil 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 Belema oil 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 Belema oil, Mr. Jack-Rich Tein said “we are pleased that the acquisition of OML 55 by Belema oil 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, Belema oil and Amni International Petroleum Development OML 52 Company Limited.

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