ExxonMobil considers sale of Nigerian oil, gas fields for $3bn

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United States energy giant, ExxonMobil, has held talks on the sale of some oil and gas fields in Nigeria as the company focuses on new developments in United States shale and Guyana.

This is coming as over $6.397 billion was paid to the Nigerian government and its agencies in 2018 by Shell exploration and production companies in Nigeria comprising Shell Petroleum Development Company of Nigeria Limited (SPDC) and Shell Nigeria Exploration and Production Company Limited (SNEPCo).

Crude oil prices also yesterday continued to ascend hitting their highest levels of the year with Brent moving closer to $70 a barrel for the first time since late October amid the prospect of tightening supply due to further possible United States sanctions against Iran and other disruptions.

ExxonMobil had announced earlier this year plans to boost its capital spending from $26 billion in 2018 to $30 billion in 2019 and up to $35 billion next year as it seeks to develop oilfields in Guyana and the United States Permian basin as well as gas projects in Mozambique and the US Gulf Coast.

In an analyst presentation last month, the company said it would accelerate its divestments to around $15 billion by 2021.

Reuters reported that the potential disposals of assets in Nigeria are expected to include stakes in onshore and offshore fields and could raise up to $3 billion.




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