…with agency report
US energy giant, ExxonMobil, may be exiting Nigeria, as there are reports that it plans to sell some oil and gas fields in the country in order to focus on new developments in the US shale and Guyana.
According to Reuters reported that the potential disposals of assets in Nigeria are expected to include stakes in onshore and offshore fields and could raise up to $3 billion.
“Exxon is actively divesting in Nigeria,” agency report quoted one source who was briefed on the divestment plans as saying.
The Texas-based company is one of the largest oil and gas producers in Nigeria, with 106 operated platforms. Its oil output in the West African country reached 225,000 barrels per day (bpd) in 2017, according to its website.
Reports say the company’s officials have held talks in recent weeks with several Nigerian companies to gauge their interest in the fields.
The discussions focused on a number of onshore fields ExxonMobil shares in joint ventures with Nigerian state oil firm, Nigerian National Petroleum Corporation (NNPC), including Oil Mining Leases (OMLs) 66, 68, 70 and 104.
It is looking into offering for sale assets in Equatorial Guinea and Chad, according to two sources.
In an analyst presentation last month, the company said it would accelerate its divestments to around $15 billion by 2021.ExxonMobil had announced earlier this year plans to boost its capital spending from $26 billion in 2018 to $30 billion in 2019 and up to $35 billion next year as it seeks to develop oilfields in Guyana and the US Permian basin as well as gas projects in Mozambique and the US Gulf Coast.
The federal government has in the last decade supported a drive by Nigerian independents such as Oando, Seplat and privately held Aiteo to expand their operations in the country as international companies, including Royal Dutch Shell sought to lower their presence.