Chevron has found itself in a quandary over me sale of three blocks in Nigeria after the highest bid came in at a price above even its most optimistic expectations. The US major received bids two weeks ago for the package of OMLs 52,53 and 55. The bid from Sahara Energy is understood to have come in at US $600m, the bid from Seplat only marginally higher and the bid from Britannia-U at more than $1 Bn. However, senior sources warn that Chevron is concerned about funding for the highest bid and has asked the two closest bidders to provide proof of financial backing as they strongly believe they may have to move lower down the list.
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