International Oil Companies (IOCs), including ExxonMobil, Chevron, BP, Total, Shell, and ConocoPhillips are planning to sell assets worth $27.5 billion in bid to invest in new regions, new research by Rystad Energy has said.

The research indicated that ExxonMobil alone may divest as much as $15 billion in an attempt to service investment in Mozambique, and oilfields in Guyana, and the Permian Basin, and the U.S. Gulf of Mexico.

Among other key gas projects in Mozambique, about $30 billion is expected to be invested in the country’s Rovuma LNG project, which has a capacity of 15 million tonnes a year (mtpa).

Amidst indications that some oil majors are looking to divest in Nigeria, ExxonMobil is reportedly planning to invest over S$500 million in the initial construction phase of its Mozambique LNG project.

Indeed, the face of stranded projects in Nigeria, Mozambique with its Coral Floating LNG project is on the verge of becoming the world’s largest gas producers with an estimated $128 billion flowing into the country’s gas sector alone before 2025.
Rystad Energy’s upstream analyst, Ranjan Saxena, said in a company statement that, “The expected transactions mean some of the majors are poised to exit certain regions, giving regional players and independents a chance to buy into key fields and help keep them profitable through production-life extensions and new developments.”

“While oil and gas majors increase their focus on core areas and divest mature assets and interests in geopolitically unstable regions, observers will be following closely to see how investors react and what other steps these energy giants will take to keep stakeholders interested amid rising climate concerns and geopolitical volatility.”

Rigzone had reported that the research body had revealed that BP and Shell occupied the top spots on opposite ends of the company’s Merger and Acquisition ranking for the oil and gas sector.

https://m.guardian.ng/business-services/chevron-total-shell-others-to-divest-27-billion-assets/amp/

Good for independent companies

Please if you read finish help me explain

Interesting

Otedola saw this coming

Wanity:
Please if you read finish help me explain

Don't waste your time here. Not every news is meant for everyone.

yudee233:
Good for independent companies

many cant stand the test of time. Including nigerian ones

Hmmm....

Another Government's strategy of granting Dangote monopoly...

Wait ooo, ExxonMobil wants to divest Dangote's worth? Choi...there are levels to this money thing.

And Buhari is spending millions looking for oil in North East.


Gas is the real gold

Does it affect the rice price hike

maxiuc:


Otedola saw this coming

saw nothing coming. There was no more subsidy free money so he fled

Moving to gather profit elsewhere

Why?

Okay

maxiuc:


Otedola saw this coming

i am betting 1k that chinese will buy up all the assest soon? if chinese enter nigerian oil industry ! nigeria is over as a country.these people no dey take money play

ednut1:
saw nothing coming. There was no more subsidy free money so he fled

don't know how they are comparing a downstream operator to IOCs

i don't like this. Nigerians will buy over the assets and Bleep over the company cultures.

in five years , every vestige of a properly run compny will be gone.

look at texaco's transition to MRS

their safety culture has gone to utter shit

GeoAfrikana:


Don't waste your time here. Not every news is meant for everyone.

So what do you mean ? ? ?




I can see you are heading to the bad side of me don't tempt me to loose my temper on

Hk

This kind Nigeria under Buhari get as e be o

O ya Dangote, over to you. It's time to buy and Monopolize Nigeria

yudee233:
Good for independent companies

That is if they have the capacity and capability manage these assets.

I pray our oil and gas industry does not go the way of the power sector where assets were stripped and sold to cronies instead of competent professionals leading us to where we are now.

On the flip side this is maybe an opportunity for the local companies to expand their scope and become better.

In as much as I don't support these IOCs because I know that they are ripping us off with the contracts currently running but again the question I beg to ask is what were our govt officials thinking when they signed these contracts?

God bless Nigeria.

I really fear for Nigeria.

The Nigerian oil industry will be run aground by the local investors made up of ex and serving politicians through proxies.

And to think that this is the sector that sustains the lazy allocation sharing structure..... Winter is coming.

Why not invest the sum in Nigeria's power sector?

After all, Nigeria has a huge untapped natural gas deposit and unstable electricity.

Well, they know better.

Renewable energy, not fossil fuels, is the future.

The IOCs should keep that in mind

na wa o

Divesting from politically unstable regions with high level of insecurity and dysfunctional system. Not one where substantial amount of resources goes into hiring soldiers to guard company premises and individual high net worth staff from impoverished host.

Some company yard in Delta state looks like a military forward base ...soldiers everywhere , doing morning parade in the yard ...who pays for all that?

Go and check Set.......Yard ... make I no complete the name

ornicus:


don't know how they are comparing a downstream operator to IOCs

i don't like this. Nigerians will buy over the assets and Bleep over the company cultures.

in five years , every vestige of a properly run compny will be gone.

look at texaco's transition to MRS

their safety culture has gone to utter shit

Gbam

those guys are smart... they are aware those countries are new player and will have relax law for them to make mad profit

deenee:



That is if they have the capacity and capability manage these assets.

I pray our oil and gas industry does not go the way of the power sector where assets were stripped and sold to cronies instead of competent professionals leading us to where we are now.

On the flip side this is maybe an opportunity for the local companies to expand there scope and become better.

In as much as I don't support these IOCs becuase I know that they are ripping us off with the contracts currently running but again the question I beg to ask is what were our govt officials thinking when they signed these contracts?

God bless Nigeria.

How are the IOCs ripping Nigeria apart when the NNPC doesn't provide funds for E&P even when there's a standing JV that defines how the venture should be run?

I am patiently waiting for your response.

Jarus:


Gbam

Na so. Even our guys when they took over CP, na to push out all the established vendors and start related party vendors. They will soon bleed the whole thing to death