Conoil Producing, owned by billionaire Mike Adenuga, has emerged as winner of the bid for the 40% equity held by Chevron Corp. in Oil Mining Leases (OMLs) 86 and 88. The Lagos oil junior is currently discussing with the American international oil major.

The report said it was still not clear the total worth of the assets, which lie in contiguity with some of its own producing properties.

Chevron had been trying to dispose the shallow water acreages, located off the mouth of the current Niger Delta basin, for over five years. They are part of the five Nigerian tracts acquired in the course of the merger between Chevron and Texaco 21 years ago.

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Source: OrientEnergyReview