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Oil Giant ExxonMobil Plans To Sell Nigeria Oil, Gas Fields

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Oil Giant ExxonMobil Plans To Sell Nigeria Oil, Gas Fields

Oil major, Exxon Mobil, is planning to sell a suite of oil and gas fields in Nigeria as it focuses on new developments in the United States (U.S.) shale and Guyana, industry and banking sources have  said.

The potential disposals are expected to include stakes in onshore and offshore fields and could raise up to three billion dolars, two sources told Reuters.

“Exxon is actively divesting in Nigeria,” one source who was briefed on the divestment plans said.

Exxon declined to comment.

The Irving, Texas-based oil firm 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, its website says.

Exxon officials have held talks in recent weeks with several Nigerian companies to gauge their interest in the fields.

One source said Exxon was due to open a “data room” – which would provide technical information on the fields, such as seismic and production details.

The discussions focused on a number of onshore fields Exxon is in joint ventures (JV) with Nigeria National Petroleum Corporation (NNPC) including oil mining leases (OMLs) 66, 68, 70 and 104. Exxon’s share of oil production in those fields reached 120,000 bpd in 2017, the last year for which data was available.

Exxon is also weighing the possible sale of stakes in offshore fields in Nigeria, two sources said.

It is looking into offering for sale of assets in Equatorial Guinea and Chad, according to sources.

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