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Exxon Mobil plans to sell assets in Nigeria

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US oil giant Exxon Mobil is planning to sell its assets in Nigeria three years after exiting its downstream sector.

Reuters reports that the sales could yield up to $3 billion when finalised.

Some of the assets listed in the planned sale include oil mining leases. This is where the company runs joint venture operations with the Nigerian National Petroleum Corporation (NNPC) through its subsidiaries.

According to the company’s website, it is one of the largest oil and gas producers in Nigeria, with 106 operated platforms.

Exxonmobil is said to have met with some indigenous oil firms to gauge their interest in the fields and is planning to provide technical information to hasten the sale.

Mobil, one of Nigeria’s largest oil and gas producers, runs a major JV partnership with the NNPC to produce the Qua Iboe crude grade from fields about 20 to 40 miles offshore Nigeria’s south eastern region.

A Mobil spokesman said, “ExxonMobil is committed to its long-term business operations in Nigeria. As a matter of practice, we don’t comment on business discussions.”

Exxon Mobil targets $15bn from asset sales.

Darren Woods, Chairman and CEO at Exxon Mobil, said plans are on track to significantly increase cash flow from operations and asset sales.

Woods said the company would accelerate its divestments to around $15 billion by 2021.

As it scales its global operations, ExxonMobil seeks new deep water developments in South America. Specifically in Guyana and Brazil.