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Adewale Sanyaolu
ExxonMobil, one of the International Oil Companies (IOCs) operating in Nigeria, has opened talks on the sale of some of its oil and gas fields in the country as it focuses on new developments in US shale and Guyana.
Already, the company was exploring opportunities in its investments in the nation’s onshore and offshore fields which, if disposed of, could help it raise up to $3 billion.
An online news medium, while linking its story on the proposed deals to two sources, quoted one as saying that, “Exxon is actively divesting in Nigeria” but that the company declined to comment.
Currently one of the largest oil and gas producers in the country, ExxonMobil has 106 operated platforms and produced about 225,000 barrels per day (bpd) in 2017.
According to reports, Exxon officials have held talks in recent weeks with several Nigerian companies to gauge their interest in the fields.
A 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 source was quoted as saying that the discussions focused on a number of onshore fields, Exxon shares in joint ventures with the Nigeria National Petroleum Corporation (NNPC), including oil mining leases 66, 68, 70 and 104. Exxon’s share of oil production in those fields reached 120,000 bpd in 2017, the last year for which data was available.
Meanwhile, over $6.397 billion was paid to the Federal Government and its agencies in 2018 by Shell exploration and production companies, comprising the Shell Petroleum Development Company of Nigeria Limited (SPDC) and Shell Nigeria Exploration and Production Company Limited (SNEPCo).
The payment, according to the oil giant, represents a 48 per cent increase over payments by the companies to the government in 2017, which was $4.322 billion.
The payments formed part of the four documents released yesterday by the Group Chief Executive Officer of the Royal Dutch Shell, Ben Van Beurden, to signal the global oil giant’s renewed commitment to greater transparency.
The documents are Shell Sustainability Report; Industry Associations Climate Review; Nigeria Briefing Notes and Payments to Government Report.
“Shell must remain at the forefront of the drive for greater corporate transparency. We will continue to be more open about what we do and why we do it,” said van Beurden. “We want to help people better understand Shell’s performance, values and principles. These reports outline our approach and activities in the crucial areas of sustainability and our relationships with industry associations and governments.”
