Oil and gas giants, Chevron Nigeria Limited, is closing in on the sale of its stakes in two major Nigerian offshore oil and gas blocks which produce around 6,200 barrels of oil equivalent per day as it is in advanced talks with potentials buyers.

The American energy giant is putting up its 40 percent stake in the shallow-water Oil Mining Lease (OML) 86 and OML 88. Both fields contain OML 86 and 88 contain 55 million barrels of yet-to-be exploited (2P) oil barrels and 2.8 trillion cubic feet of undeveloped gas reserves.

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Toyin Akinosho, the publisher of Africa Oil & Gas Report, an energy intelligence publication, reported discussion is in “top gear as two firms who have signified intentions in procuring the asset are expected to make full disclosure of their financial and operating capacities by the end of April 2020.”

Another international publication, Africa Intelligence said the US firm has asked interested companies to prove that they had a capitalisation of at least $200 million.