Shell and other oil giants leave Nigeria, as Nigerian billionaires purchase assets
Recent months have seen major changes in oil asset ownership in Nigeria, especially in the upstream sector. In Nigeria’s oil industry, Shell, Exxon Mobil, Chevron, Agip, Texaco and Total brand names were synonymous with the industry for over 60 years. However, as of Friday, 25 February, there are now three.
Exxon Mobil Corporation (ExxonMobil) has been the most recent major oil company to leave Nigeria. The company sold its stake in Mobil Producing Nigeria Unlimited to Seplat, a Nigerian oil corporation, for $1.3 billion.
The UK-based company Royal Dutch Shell left Nigeria in 2021, after completion of sale of its assets to TNOG Oil and Gas Limited, while Texaco sold off its assets to Chevron in 2000.
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Nigerian billionaires buying the assets
Businessman Tony Elumelu, owner of TNOG Oil and Gas Ltd, purchased shell assets in 2021. The other is Sayyu I. Dantata the half-brother of Africa’s richest person, Aliko Dangote through his company MRS Holdings bought Chevron’s upstream business, OMLs 83 and 85 in 2015.
ABC Orjiako is the Chairman and co-founder of Seplat, the company that took over the assets of ExxonMobil. Conoil Plc, Mike Adenuga’s oil firm, is also mentioned as leading the bid process for OMLs 86 and 88 of Chevron.
Oil companies invest in Libya.
Legit.ng reported earlier that oil companies are investing in Libya following the end of the long-running conflict in the country. As a result of Libya’s recent stability, oil companies have expressed their interest in investing in the country. It was also noted that the international oil companies leaving Nigeria is due to an increase in bunkering and vandalism of oil facilities
