from HENRY IFEANYI in Lagos, Nigeria
LAGOS, (CAJ News) - CHEVRON, one of Nigeria's biggest investors in the oil sector, is shedding off its stake in two shallow water oil blocks because of the uncertainty in the Nigerian oil industry.

The company said the two oil blocks, OML 83 and OML 85, held an estimated 200 million barrels of oil and an unknown quantity of natural gas but there had been no production yet in the blocks.

“As part of a continuous process of portfolio evaluation and business prioritisation, Chevron Nigeria Limited has put forward its interests in two oil mining leases for auction,” the company said in a statement.

Chevron owns a 40 percent stake in 13 shallow water blocks run by the Nigerian National Petroleum Corporation, and also has several deep offshore assets.

Its 2012 net daily production in Nigeria averaged 238 000 barrels of crude oil and 165 million cubic feet of natural gas.

It is the latest oil firm seeking to dispose of assets in Africa's leading oil producer.

Several oil companies among them Royal Dutch Shell, Italy’s Eni and France’s Total have sold their assets particularly in the Niger Delta over the past few years.

The area suffers widespread oil theft and conflict between companies and local communities.

A long-delayed Petroleum Industry Bill, that seeks to further regulate the sector, adds to the uncertainty.