Exxon Mobil Leaving Nigeria for another African Country

ExxonMobil, one of the largest oil and gas producers in Nigeria, with 106 operated platforms has concluded it plans to exit the country after its acquisition of “oil and gas resources, spreading across more than 1.7 million acres” located off the coast of Egypt.

The exit of the oil and gas giant from the country is another damning statement on the east of doing business in the country. With some foreign investments already exiting the country to other African countries, the end of the this exodus still look dim for a growing economy like Nigeria’s.

According to official data from, Nigeria was ranked behind Egypt in 2018 with the latter emerging the biggest destination of foreign direct investment (FDI).

According to Business Day, the company is expected to start operations this year, thereby adding huge figures to the country’s FDI. With $7 billion in FDI, Egypt got more than double the $3 billion investment Nigeria attracted despite being smaller in terms of population and economic size.

Of the total acquired resources by Exxon Mobil, 1.2 million acres are in the North Marakia offshore block, while 543,000 acres are situated in the North East El Amriya Offshore block.

Sources told Business Day Newspaper that ExxonMobil is weighing the possibility of selling its stakes in Oil Mining Leases (OML) 66, 68, 70 and 104 with a total production capacity of 120,000 bpd as at 2017 which might provide an opportunity for indigenous companies who have in the past purchase billion worth of assets from firms such as Eni, Shell, Chevron and Total in the past five years.

ExxonMobil 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.

SOURCE: opr.news