ExxonMobil to sell stakes in Nigerian oil, gas fields for $3bn

ExxonMobil is considering the sale of some oil and gas fields in the country after its exit from the downstream sector three years ago.

The sales could yield up to $3 billion (N1.07 trillion) if concluded, Reuters reports.

A source was quoted as saying that “Exxon is actively divesting in Nigeria.”

Exxon is one of the largest oil and gas producers in Nigeria, with 106 operated platforms. The firm says its oil output in the country reached 225,000 barrels per day in 2017.

Officials of the company were said to have met with some indigenous oil firms to gauge their interest in the fields. Reports say Exxon officials are planning to provide technical information such as seismic and production details to hasten the sale.

Some assets listed in the proposed sale include oil mining leases (OML) 66, 68, 70 and 104, where the company runs joint venture (JV) operations with Nigerian National Petroleum Corporation (NNPC) through its subsidiaries, Mobil Producing Nigeria Unlimited (MPN) and Esso Exploration and Production Nigeria Ltd. (EEPNL).

Apart from Nigeria, the company is also looking to sell its assets in Equatorial Guinea and Chad, in addition to the sale of its stake in Azerbaijan’s largest oil field.

The company seeks new deepwater developments in South America, specifically in Guyana and Brazil as it scales its global operations.

A spokesman for MPN, when contacted, said: “ExxonMobil is committed to its long-term business operations in Nigeria. As a matter of practice, we don’t comment on business discussions.”