• 4 minutes End of Sanction Waivers
  • 8 minutes Balancing Act---Sanctions, Venezuela, Trade War and Demand
  • 11 minutes Mueller Report Brings Into Focus Obama's Attempted Coup Against Trump
  • 14 minutes What Would Happen If the World Ran Out of Crude Oil?
  • 3 hours New German Study Shocks Electric Cars: “Considerably” Worse For Climate Than Diesel Cars, Up To 25% More CO2
  • 1 hour Permafrost Melting Will Cost Us $70 Trillion
  • 3 hours Nothing Better than Li-Ion on the Horizon
  • 7 hours Occidental Offers To Buy Anadarko In $57 Billion Deal, Topping Chevron
  • 4 hours UNCONFIRMED : US airstrikes target 32 oil tankers near Syria’s Deir al-Zor
  • 7 hours Russia To Start Deliveries Of S-400 To Turkey In July
  • 7 hours Facebook Analysts Expect Earnings Will Reinforce Rebound
  • 23 hours Countries with the most oil and where they're selling it
  • 11 hours ..
  • 3 hours How many drilling sites are left in the Permian?
  • 24 hours Section 232 Uranium
  • 1 day China To Promote Using Wind Energy To Power Heating
Trump's Latest Oil Market Gamble

Trump's Latest Oil Market Gamble

Oil prices surged on Monday…

Oil Minister Denies Reports Of Exxon Leaving Nigeria

Kachikwu

Nigeria’s Petroleum Minister Emmanuel Ibe Kachikwu has said that he isn’t aware of any plans of U.S. oil and gas supermajor ExxonMobil to exit upstream operations in OPEC’s African member.

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 earlier this week, 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 from, 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.

Speaking to reporters at an oil industry event in Nigeria this week, Minister Kachikwu said, as carried by Nigerian outlet The Guardian:

“I am not aware of that. I have not been officially informed. You saw the chairman of ExxonMobil today talking about their long-term plan and he didn’t mention that.”

“Obviously, we will engage them, whether this is true or not,” the minister added.

“I am connected enough to the ExxonMobil system worldwide and I haven’t seen anything like that. It will be a bit of surprise to me and I would not believe this until I am sure,” The Guardian quoted Kachikwu as saying.

By Tsvetana Paraskova for Oilprice.com

More Top Reads From Oilprice.com:



Join the discussion | Back to homepage

Leave a comment

Leave a comment

Oilprice - The No. 1 Source for Oil & Energy News