There are signs that Mobil which holds considerable mining assets in the country may close shop and leave the Niger Delta region.
But to do so, the company has to dispose a substantial share of its assets in Nigeria.
Mobil has very strong presence in Nigeria’s oil and gas sector, especially around Akwa Ibom State as well as other Niger Delta States.
Its engine oil brand, Mobil 1, is considered one of the best in the Nigerian market.
It is not clear if Nigerians working in the company know about the gathering storm and what their fate is likely to be when that happens.
A Mobil staff contacted by the Port Harcourt Telegraph expressed surprise when the question was put.
It turned out he has not heard much about it.
We have learnt that the plan is still being kept top secret at the management level.
But a flurry of activity which may commence when foreign and local investors bid to take over control of what is still seen as the company’s lucrative business in Nigeria might bring the message home to the people of the Niger Delta.
Recall that Exxon Mobil’s rivals, including the Royal Dutch firm, Shell have since divested some of their assets.
That has given room for Nigerian investors and their foreign counterparts to take control of such operations.
Belema Oil is one of such indigenous companies that are making hay as the sector opens up upstream, given what oil majors see as very uncertain times.
Besides, operations in Nigeria’s delta region has turned turbulent as oil theft and destruction of pipelines take a turn for the worse.
Oil majors have become targets of several law suits, accusing them of environmental pollution.
A divestment plan drawn up by ExxonMobil has emerged. in public for the first time.
Under the plan disclosed by a transnational news agency, the company is expected to realign its investment portfolio which has remained largely unchanged since the oil crash many years ago.
The sales would see Exxon effectively quit its upstream oil and gas business in Europe, according to three banking sources with direct knowledge of the plan.
The move would free up cash to invest in new developments in Guyana, Mozambique, Papua New Guinea, Brazil and the United States.
We have learnt that Exxon Mobil is planning to sell up to $25 billion of oil and gas fields in Europe, Asia and Africa in its biggest asset sales for decades.
The aim is to free up cash which would enable the company focus on a handful of mega-projects.
The sell-off would be a marked acceleration of the U.S. oil major’s previous divestment plans.
It would represent an ambitious attempt by Chief Executive Darren Woods to catch up with competitors who carried out sweeping portfolio reviews and sold swathes of assets following the 2014 market crash.
Exxon’s shares have underperformed its major rivals’ in recent years.
The disposals would help the company increase spending on new developments and appease investors unhappy with weak cash generation and oil output, which flat-lined under Woods’ predecessor Rex Tillerson.
An Exxon spokesman declined to comment on specific assets offered for sale but noted it has told Wall Street its asset sales could reach $25 billion through 2025.
