Oil workers in Nigeria
African divestment deals are back in the frame
After some delay, the much-heralded sale of oil and gas companies’ mature upstream assets in sub-Saharan Africa has gained fresh momentum, with a clutch of deals reaching completion
The Nigerian government has approved the sale of ExxonMobil’s onshore Nigerian assets to domestic company Seplat Energy, more than two years after the $1.28b deal was first announced, Nigerian Upstream Petroleum Regulatory Commission (NUPRC) CEO Gbenga Komolafe has confirmed. This landmark transaction, focused on ExxonMobil’s shallow-water holdings, follows formerly state-controlled Nigerian National Petroleum Company’s (NNPC’s) withdrawal of a legal challenge to a deal that will nearly treble London-listed Seplat’s production to 151,000boe/d. In Nigeria, at least, the sense has grown in recent months that the obstacles stymieing deals are evaporating. “The majors are exiting land and
Also in this section
11 August 2025
The administration is pushing for deregulation and streamline permitting for natural gas, while tightening requirements and stripping away subsidies from renewables
8 August 2025
The producers’ group missed its output increase target for the month and may soon face a critical test of its strategy
7 August 2025
The quick, unified and decisive strategy to return all the barrels from the hefty tranche of cuts from the eight producers involved in voluntary curbs signals a shift and sets the tone for the path ahead
7 August 2025
Without US backing, the EU’s newest sanctions package against Russia—though not painless—is unlikely to have a significant impact on the country’s oil and gas revenues or its broader economy
