CEOAFRICA.com gathered that owing to the recent announcement by Chevron to divest its 40 percent interest in 5 oil blocs which includes OMLs 52,53,55,88 and 85, a Lagos-based Marginal Field Operators, Britannia-U Nigeria limited has offered to pay $1.2 bn for them, prevailing over 3 other companies in the bid.

According to reports, the prevailing industry opined that the assets would be good to go for $400 million. Britannia-u is bidding to buy OMLs 52, 53, and 55 estimated to contain proven oil and gas reserves of 555 million barrels of oil equivalent.

Though Britannia-U have not been declared winner, but industry analysts said that considering the price they have offered , they are likely to get it.

The other companies contending with Britannia-U are Seplat/Amni production, Niger-Delta Petroleum/SAPETRO and Sahara/SEPTA, all Nigerian companies.