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Exxon May Sell $3B Worth Of Oil, Gas Fields In Nigeria

Exxon Mobil HQ

ExxonMobil is considering selling some of its stakes in onshore and offshore fields in Nigeria, and those stakes could potentially raise US$3 billion, Reuters reported on Tuesday, citing banking and industry sources.  

Exxon has recently held talks with Nigerian companies to see if there is interest in its assets in Nigeria, some of Reuters’ sources said, as the U.S. supermajor is now predominantly focused on boosting production in the Permian and developing the huge oil discoveries offshore Guyana.

Exxon is set to soon open in Nigeria the so-called data room with details about the oil and gas fields it plans to divest, one source told Reuters.

According to the sources, Exxon officials have recently discussed with Nigerian companies stakes in onshore oil fields, in which Exxon participates in joint ventures with the Nigerian National Petroleum Corporation (NNPC). The U.S. major, however, is also mulling over selling stakes in offshore oil fields.

Exxon is one of Nigeria’s largest foreign oil operators and its production in 2017 stood at 225,000 bpd.

Nigeria, however, has been a difficult international scene for supermajors in recent years with militant violence disrupting export pipelines and streams and pipeline vandalism leading to spills.

Exxon is now primarily focused on getting the most out of the Permian and of the Guyana discoveries, which are its key growth areas for the coming years.

Exxon plans to significantly boost its earnings and cash flows through 2025, also thanks to asset sales.

“Cumulative cash flow from operations and asset sales over the period from 2019 to 2025 is $24 billion higher than what was communicated at last year’s analyst meeting, including $15 billion from anticipated asset sales from 2019 to 2021,” Exxon said last month.

In its Investor Day presentation in early March, one of Exxon’s key upstream messages was to aggressively enhance its portfolio competitiveness by executing industry-leading exploration opportunities, improving operations, and increasing divestments.

By Tsvetana Paraskova for Oilprice.com

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