Nigeria has not yet approved the sales of onshore assets announced by international oil majors, frustrating both buyers and sellers. The slow progress is hampering the rebound in Nigeria's oil production. ExxonMobil, Shell, Eni, and Equinor are waiting for government clearance for their sales of oil assets, mostly to local companies. The approvals are expected to revive oil production in the country.
Nigeria has yet to approve the sales of onshore assets announced in recent years by international oil majors , much to the frustration of both buyers and sellers who say that the slow progress continues to hamper the rebound in Nigeria ’s oil production . Majors including ExxonMobil, Shell , Eni , and Equinor are still waiting for government clearance for their sales of oil assets, mostly to local companies.
The buyers and Nigeria’s domestic oil producers expect the approvals to give clarity to the companies and revive oil production in the country. Sellers and buyers see an “urgent need to conclude these transactions,” Osagie Okunbor, managing director of Shell Nigeria, said at a conference in Abuja, as carried by Bloomberg. Shell announced in January that it would exit Nigeria’s onshore oil and gas industry but would remain a major investor in the country’s energy sector through its deepwater and Integrated Gas businesses. U.S. supermajor ExxonMobil intends to sell its shallow water business in Nigeria to Seplat, the biggest Nigerian energy company by market valu
Nigeria Onshore Assets Oil Majors Sales Oil Production Exxonmobil Shell Eni Equinor
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