IOCs’ divestment in focus as Nigeria seeks investments

A new wave of asset divestment by some International Oil Companies (IOCs) is brewing at a time when the country is seeking more investments in the oil and gas industry. In a report made earlier this year, it was said that ExxonMobil had held talks on the sale of a suite of oil and gas fields in Nigeria as the company focused on new developments in the US shale and Guyana. Early this month, Total Group, another IOC, was said to be seeking its 12.5% stake in a major deepwater oilfield off the coast of Nigeria, in an effort to adjust the energy company’s Africa portfolio amid a broad expansion. Nigeria’s vast oil resources had attracted foreign oil companies for decades, but the changes in the country’s revenue laws and tax levy has made the investments in offshore projects unattractive. PUNCH