Tag: ExxonMobil

ExxonMobil, Seplat $1.2Bn Asset Sale To Be Finalised In 30 Days

Ganiyu Amodu

. NNPCL resolves deals, partners await NUPRC’s consent in 4 weeks   After over two years of delays, the Nigerian National Petroleum Company Limited (NNPC Ltd) has finally signed a settlement agreement with Mobil Producing Nigeria Unlimited, Mobil Development Nigeria Inc., and Mobil Exploration Nigeria Inc. resolving the long-standing compliance issues under Section 14 of the 2019 Joint Operating Agreement (JOA) contained in the Petroleum Industry Act (PIA). This settlement was reached between the management of the two organizations on Thursday, thereby granting consent to the sale of ExxonMobil’s 40…

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ExxonMobil Is A Lithium Company Now

ADEOLA YUSUF

ExxonMobil is getting into the lithium production business. The company announced on Monday that it’s going to become a “leading producer of lithium” by opening its first drilling operation in southern Arkansas. The demand for lithium has grown in the past couple of years, with the metal serving as a key ingredient in the rechargeable batteries that power electric vehicles, phones, laptops, and other tech. ExxonMobil plans to start producing lithium in 2027 and says it could make enough lithium to supply over 1 million electric vehicles per year by…

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Nigeria Eyes $500bn, Renews Offshore Deals With Shell, ExxonMobil, Chevron

ADEOLA YUSUF

OMLs 128 – 138, full list of five oil mining leases (OMLs) and what the MDs of Shell, ExxonMobil, Chevron said about their Production  Sharing Contracts (PSCs) renewals    The Nigerian National Petroleum Company (NNPC) has executed fully termed agreements for the renegotiated Production Sharing Contracts with contractors in five Oil Mining leases, Platforms Africa reports. This, which came only one month after it had transited into a fully limuted liability company, is, according to the Nigerian government, a step towards unlocking over $500 billion in revenue from its oil…

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NCDMB Partnering Shell, ExxonMobil, NAOC in Oil, Gas Parks – Wabote

ADEOLA YUSUF

Major international operating oil and gas companies, notably Shell Petroleum Development Company (SPDC) and Exxon Mobil Nigeria, and the Nigerian Agip Oil Company (NAOC) have made significant investments in support of the ongoing development of the Nigerian Oil and Gas Parks Scheme (NOGaPS), the Executive Secretary, Nigerian Content Development and Monitoring Board (NCDMB), Engr Simbi Kesiye Wabote has revealed. He stated this recently at the Nigerian Content Sensitization Programme for Law Enforcement Agencies, organised by the NCDMB in Yenagoa, Bayelsa State with a view to strengthening the existing collaboration with…

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Dangote calls for single-digit oil tax amid IOCs Onshore Exit

Abibat Babalola

The President of Dangote Group, Aliko Dangote, has urged the government to ensure single-digit tax regime in the oil industry, in order to lure investment into Nigeria’s downstream sector, which has been losing foreign investors. Dangote is canvassing for the single-digit tax as his conglomerate firm makes an inroad into the oil industry with the establishment of a refinery, which is projected to begin operation between by next year. He made his request known through a statement released on Sunday, covering his representation during the 2022 Nigerian Content Midstream and…

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BREAKING: ExxonMobil Exits Nigeria’s Onshore, Sells Asset To Seplat

ADEOLA YUSUF

Details of $1.583 billion deals to acquire the entire share capital of MPNU plus contingent consideration, and how asset transfer will wait for minister’s assent   United States oil giant, ExxonMobil, has finally exited Nigeria’s onshore and shallow water operations as it sold off all its assets in the terrain. Platforms Africa reports that the asset sale, which is the first transaction after the signing of Petroleum Industry Act (PIA), was to Seplat Energy Plc. The two firms have completed the deals but will await the ministerial assent for proper…

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World’s Top Five Oil Firms generated $1trn, Saw Revenues Fall 31% In 2020

Damilola Olonade

  Despite generating more than $1 trillion in total revenues, it was still a 2020 bearish business for ExxonMobil, Saudi Aramco, BP others   The five largest oil and gas companies in the world saw their combined revenues drop by 30 percent last year, although they still generated more than $1 trillion in total revenues, according to data compiled by Finbold. The combined revenues of state firms PetroChina and Sinopec of China, Saudi Aramco of Saudi Arabia, as well as international oil majors BP and ExxonMobil, stood at $1.14 trillion last…

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ExxonMobil, Chevron suffer downgrade on Earnings, Climate Risk Ratings

Efe Wellington

  Ratings agency,  S&P cuts Exxon’s long-term rating to AA- from AA with a negative outlook. Chevron was lowered to AA- from AA with a stable outlook. Conoco was reduced to A- from A with a stable outlook.   Exxon Mobil Corp., Chevron Corp. and ConocoPhillips had their credit ratings lowered after S&P Global Ratings followed through on its recent warning and revised the industry’s risk profile due to climate change and weak earnings, Bloomberg has reported. The three oil and gas producers all had their ratings cut one notch,…

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