Brittania-U explains position on acquisition of Chevron’s interest

Brittania-U Nigeria Limited bidding for Chevron’s interest in OMLs 52, 53 and 55, has said that its bid submission package and price reflect its full technical in-house and independent evaluations and commercial capabilities which have marked and enabled the company’s transformation into a respected and reputable exploration and production (E&P) company within a relatively short period of time. .

The oil firm, a wholly-owned indigenous E&P company, is bidding $1.2 billion for the OMLs.

In a statement, Brittania-U said there have been speculative and sensational reports in local and foreign media concerning the on-going divestment exercise of Chevron’s interest in OMLs 52, 53 and 55, which prompted the clarification.

The statement by Dan C. De La Garza, its managing director, said in line with the company’s usual practice, its preparation for the bid exercise was thorough, painstaking, disciplined and well researched.

According to him, these qualities have made it possible for Brittania-U to be the fulcrum around which the Brittania-U Group of Companies, which have strong upstream and downstream presence in the West Africa sub-region, revolves and operate with the highest ethical standards.