Continental Focus, International Reach

ExxonMobil in Nigerian Asset Sale?

Thursday, April 4, 2019

Reports out of Nigeria have US supermajor, ExxonMobil, in talks to sell off some of its assets in the country. According to a Reuters report, citing industry and banking sources, the US firm has recently held talks on the sale of a suite of oil and gas fields as it turns its focus to new developments in U.S. shale and Guyana.

The potential disposals are expected to include stakes in onshore and offshore fields and could raise up to $3 billion, two sources said.

Exxon declined to comment.

Exxon officials have held talks in recent weeks with several Nigerian companies to gauge their interest in the fields. One source in the Reuters report said that the company would soon open a data room – which would provide technical information on the fields, such as seismic and production details – in Nigeria.