Chappal Petroleum, others go for ExxonMobil Nigeria oil assets

AN indigenous company, Chappal Petroleum Development Company, is one of the strong contenders for the ExxonMobil Nigeria oil and gas assets.

The assets comprise 40 percent of interests in the Qua Iboe fields of four blocks and pipelines in oil mining leases (OMLs) 67, 68, 70 and 104 located in shallow water.

An investigation by Energy Vanguard indicated that the company was founded by Mr. Austin Avuru, and stands a good chance of winning the assets, having teamed up with the United Kingdom’s Cairn Energy, with about $908billion market capitalisation.

With the support of Cairn Energy, Chappal Petroleum is also said to be chasing other oil and gas assets that the International Oil Companies, IOCs, in Nigeria seek to divest.

ExxonMobil is still processing all the bids, which would be concluded in the first quarter of 2022.