Brittania-U Nigeria Limited, an indigenous upstream operator in the Oil sector has reiterated its commitment to the ongoing bid process over the divestment of Chevron Nigeria from OML’s 52, 53 and 55.

The company made this some sections of the media that appears speculative and sensational especially its bid offer as it affects the divestment exercise.

Brittania-U in a statement issued and signed by its Managing Director, Dan De La Garza and, made available to Media in Lagos stated that for the benefit of the company’s stakeholders and the reading public, it has become necessary to issue the Statement regarding his Company’s interest in the matter of the divestiture of Chevron’s interest from OMLs 52, 53 and 55, that is on-going.

“Brittania-U, which is a wholly owned indigenous E&P company, earlier this year along with other companies, participated in the open bid for the acquisition of the subject Chevron Assets. In line with our usual practice, our preparation for the bid exercise was through, painstaking, disciplined and well researched.

“Thus, Brittania –U’s submission of our bid package and our bid price reflected our full technical (in-house and Independent evaluations) and commercial capabilities which have marked and enabled our company’s transformation into a respected and reputable E&P company within a relatively short period of time.

“These qualities too, have made it possible for Brittania-U to be the fulcrum around which the Brittania-U Group of companies (having strong upstream presence in the West Africa Sub-region) revolves and operates with the highest ethical standards.

“As far as we know, the subject divestment exercise is on-going and we like other participants “As far as we know, the subject divestment exercise is on-going and we like other participants, are quite hopeful of our chances of success in the bid. Accordingly, we are prepared and are able to progress to the next stages of the transaction. The publications have thrown a lot of figures around as Brittania-U’s bid amount but certainly, it is not for us to confirm or deny such figures for the obvious reason that the bid process is confidential and under confidentially and Non-Disclosure Agreement, which Brittania-U as a reputable company are bound by.

“The deliberately sponspored media publications which media publications which celebrate the success of some companies while denigrating the efforts of perceived rivals by seeking to discredit the process serve no purpose other than undermining the integrity of the industry generally.

Brittania-U’s Board and Management will not be distracted by any of these publications and pranks. Our company’s attention at this time is focused on the acquisition of the subject Chevron Assets, growing the Brittania-U Group, creating employment for Nigerians, developing and working in harmony with company’s host communities, protecting the environment and delivering superior dividends to our stakeholders.

“Our main focus at this particular moment is to work assiduously with our bankers to ensure we have a seamless process, that ensure quick closure of the acquisition processes, as well supports President Goodluck Jonathan’ s local indigenous capacities building within the industry. The government policies have seen improved Nigerian Content Act. These efforts have resulted in enhanced indigenous industry activities and impact for the overall benefit of Nigerian companies and the Nigerian people.
“The initiative of the federal Government through the Ministry of Petroleum Resources under the able leadership and efforts of the Honorable Minister of Petroleum Resources, Mrs Diezani Alison–Madueke, have through several transformational policies and initiatives resulted in the emergence of an investor friendly environment in the industry. It therefore ehooves on all and sundry no support these laudable initiatives.

We therefore urge all parties especially the media operators, and all the companies that were part of the exercise , to exercise patriotic caution in the reportage of issues concerning this and other related issues in the overall interest of our dear country