CERAWEEK Exxon seeks to unblock stalled sale in 'challenging' Nigeria - top executive

Exxon Mobil Corp hopes to unblock stalled sale of its shallow water oil production operations in Nigeria. Major producers have sold assets due to corruption, security issues, and oil theft from pipelines.

March 7, 2023 . 10:32 AM

1 min read

Exxon Mobil Corp hopes to get Nigerian government approval to allow the stalled sale of its shallow water oil production operations.
Nigeria last year lost its position as Africa's top oil producer as major producers have sold assets and exited the country due to corruption and security issues.
Exxon one year ago disclosed plans to sell its $1.2 billion in shallow-water assets in Nigeria, but the government withheld its initial approval.
Exxon's buyer for the shallow water properties is Nigeria's Seplat Energy Plc, working with the government to get approval before the new president is sworn in.