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2019-04-05 09:50:00

EXXON SALES NIGERIA FOR $3 BLN

EXXON SALES NIGERIA FOR $3 BLN

REUTERS - Exxon Mobil recently held talks on the sale of a suite of oil and gas fields in Nigeria as the company focuses on new developments in U.S. shale and Guyana, industry and banking sources told Reuters.

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

"Exxon is actively divesting in Nigeria," one source who was briefed on the divestment plans said.

Exxon declined to comment.

The Irving, Texas-based company is one of the largest oil and gas producers in Nigeria, with 106 operated platforms. Its oil output in the West African country reached 225,000 barrels per day (bpd) in 2017, its website says.

Exxon officials have held talks in recent weeks with several Nigerian companies to gauge their interest in the fields.

One source said Exxon was soon due to open a "data room" - which would provide technical information on the fields, such as seismic and production details - in Nigeria.

The discussions focused on a number of onshore fields Exxon shares in joint ventures with Nigerian state oil firm NNPC, including oil mining leases 66, 68, 70 and 104, one source said. Exxon's share of oil production in those fields reached 120,000 bpd in 2017, the last year for which data was available.

Exxon is also weighing the possible sale of stakes in offshore fields in Nigeria, two sources said.

It is looking into offering for sale assets in Equatorial Guinea and Chad, according to two sources.

The Nigerian government has in the last decade supported a drive by domestic firms such as Oando, Seplat and privately held Aiteo to expand their operations in the country as international companies including Royal Dutch Shell sought to lower their presence due to oil spills resulting from pipeline sabotage.

Exxon recently launched the sale of its stake in Azerbaijan's largest oilfield, which would mark its retreat from the former Soviet state after 25 years.

Exxon 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 U.S. Permian basin as well as gas projects in Mozambique and the U.S. Gulf Coast.

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

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Earlier:  

 NIGERIA NEED $20 BLN
2019, February, 22, 12:05:00

NIGERIA NEED $20 BLN

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AN - China National Offshore Oil Corp. (CNOOC) is willing to invest $3 billion in its existing oil and gas operation in Nigeria, the Nigerian National Petroleum Corporation (NNPC) said on Sunday following a meeting with the Chinese in Abuja.

 
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IMF - Higher oil prices and short-term portfolio inflows have provided relief from external and fiscal pressures but the recovery remains challenging. Inflation declined to its lowest level in more than two years. Real GDP expanded by 2 percent in the first quarter of 2018 compared to the first quarter of last year. However, activity in the non-oil non-agricultural sector remains weak as lower purchasing power weighs on consumer demand and as credit risk continues to limit bank lending.

 
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2018, July, 11, 08:55:00

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BLOOMBERG - The $10 billion refinery, set to be one of the world’s largest and process 650,000 barrels of crude a day, should be near full capacity by mid-2020, Edwin Devakumar, group executive director at Dangote Industries Ltd., said in an interview at the coastal site, about an hour’s drive east of Lagos.

 
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2018, June, 20, 12:30:00

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PLATTS - Nigerian oil has been slow to sell this month as bidders for the country's July-loading heavy and light sweet crudes have been absent from the market. Market participants pegged the amount of unsold Nigerian barrels loading in July at 20 million-34 million barrels, amounting to roughly 40%-75% of what is produced in a month.

 
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2018, May, 16, 12:00:00

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BLOOMBERG - Nigerian National Petroleum Corp., the Abuja-based behemoth that dominates the OPEC member’s energy industry, has made losses for at least the last three years,

 
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2018, May, 14, 10:55:00

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