ExxonMobil plans sale of Nigerian oil, gas fields for $3bn

After exiting Nigeria’s downstream oil sector for over two years, ExxonMobil is considering the sale of some oil fields in the country.

Reuters reports that the United States-based oil film recently held talks on the sale of a suite of oil and gas fields in Nigeria as the company beam its searchlight on new developments in US shale and Guyana.

A close source, who spoke on the divestment plan, was quoted by Reuters as saying: ‘Exxon is actively divesting in Nigeria.

According to its website, the company is one of the largest oil and gas producers in Nigeria with 106 operated platforms making its oil output in the country hit 225,000 barrels per day in 2017.Nigerian companies.

And in a bid to gauge the interest of ExxonMobil in the fields, its officials were said to have held talks recently with several.

The discussions according to sources focused on a number of onshore fields Exxon shares in joint ventures with Nigerian National Petroleum Corporation (NNPC), including Oil Mining Leases 66, 68, 70, and 104.

Another source said the company was due to open a ‘data room’ which would provide technical information on the fields such as seismic and production details in Nigeria.

Findings also showed that the company is weighing the possible sale of stakes in offshore fields in Nigeria.

When contacted for comment, the Manager, Media and Communications, Mobil Producing Nigeria Limited, Mr. Oge Udeagha refused to comment on the matter.

In his email response to the enquiry, Udeagha said: ‘ExxonMobil is committed to its long-term business operations in Nigeria. As a matter of practice, we don’t comment on business discussions.

It could be recalled that in October 2016, the oil major divested its 60 percent stake in Mobil Oil Nigeria Plc to NIPCO Plc, an indigenous Nigerian downstream Oil and Gas company.

 

Posted By Oyedeyi Samson.