Is Indigenization Delivering for Nigerian Firms?

摘要

Royal Dutch Shell and Chevron have begun another round of Nigerian lease sales aimed at reducing their footprint in the turbulent Niger Delta and complying with the government's indigenization agenda. The deals could see up to 13 blocks shift to local players, although many wonder how past lessons will shape selling and buying strategies, and whether state Nigerian National Petroleum Corp. (NNPC) will once again demand operatorship, given its weak performance running previously divested blocks. For now, Shell is expected to offer up to eight so far unspecified oil blocks in swampy areas of the eastern Niger Delta, while Chevron is touting five 40% stakes in shallow water blocks OML 83 and OML 85, and near-shore/onshore blocks OML 52, OML 53 and OML 55. Chevron has opted for a straightforward technical bid for the former, with the winner to be announced on Aug. 3. Both Chevron and Shell envisage a more elaborate process for the other blocks — likely involving indicative bids, evaluation, confirmation of technical and payment capacity, political "con- nections" and quid pro quo favors — but are determined to avoid the shambles that marred earlier sales (PIW Feb.21'11).