The Strategist

ExxonMobil sells its fields in Niger Delta

08/09/2022 - 11:06

According to a statement released by the government, Nigeria has approved sale of four oil fields in the Niger Delta owned by ExxonMobil to the company Seplat for $1.28 billion.

Brian Katt
Brian Katt
"Considering the considerable benefits of the deal to the Nigerian energy industry and the country's economy as a whole, President (of Nigeria) Muhammadu Buhari, the nation's oil minister, approved the sale on Monday.

The purchaser is Seplat, a Nigerian corporation. Seplat's overall output will quadruple to 95,000 barrels per day, according to the article.

In the 1950s, ExxonMobil began conducting oil operations in Nigeria. Together with Shell, the company literally built the nation's oil industry, which later served as the foundation of its economy. ExxonMobil manages four fields in the country together with the Nigerian national oil corporation NNPC.