Exxon to Exit Equatorial Guinea

Friday, February 9, 2024

Exxon Mobil has made known its intentions to exit Equatorial Guinea in Q2 of this year, according to a Reuters report.

As early as January 2020 ExxonMobil was planning to sell it assets according to the country’s then oil minister Gabriel Obiang Lima.

Exxon’s remaining investments will be transferred to the government. The move is in line with its long-term strategy to pare down its participation in West Africa crude production and focus on natural gas developments and focus on more projects in the Americas.

Reuters initially reported in 2022 that Exxon had decided to leave the country once its licenses expired.

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