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Also Leaving Nigeria? Exxon Mobil To ‘Sell Stakes’ In Nigeria Upstream Operations For $3bn


 This is the 6th multinational leaving Nigeria!
About 272 firms had been forced out of business, 50 of which were manufacturing companies since 2015 and now, US oil giant Exxon Mobil  is planning to sell its onshore and offshore assets in Nigeria three years after its exit from the downstream sector.
 
Reuters reports that the sales could yield up to $3 billion (N1.07 trillion) if finalised.
“Exxon is actively divesting in Nigeria,” a source is quoted to have said.

Some of the assets listed in the planned sale include oil mining leases (OML) 66, 68, 70 and 104, where the company runs  joint venture (JV) operations with the Nigerian National Petroleum Corporation (NNPC) through its subsidiaries, Mobil Producing Nigeria Unlimited (MPN) and Esso Exploration and Production Nigeria Ltd. (EEPNL).

The company is said to have met with some indigenous oil firms to gauge their interest in the fields and is planning to provide technical information such as seismic and production details to hasten the sale.
When contacted, a spokesman for MPN said: ExxonMobil is committed to its long-term business operations in Nigeria. As a matter of practice, we don’t comment on business discussions.”
One of the largest oil and gas producers in Nigeria, Mobil’s runs a major JV partnership with the NNPC to produce the Qua Iboe crude grade from fields about 20 to 40 miles offshore Nigeria’s south eastern region, east of the Oso field.
Average production at the Qua Iboe terminal is 550,000 b/d of oil including crude, condensates and natural gas liquids (NGLs).


Exxon Mobil targets $15bn from asset sales, eyes new markets
In a statement following the company’s annual investor day at the New York Stock Exchange in March, Darren Woods, chairman and chief executive officer at Exxon Mobil, said plans are on track to significantly increase cash flow from operations and asset sales.

Woods said the company would accelerate its divestments to around $15 billion by 2021.
Apart from Nigeria, the company is also looking to sell its assets in  Equatorial Guinea and Chad, in addition to the sale of its stake in Azerbaijan’s largest oil field.

As it scales its global operations, Exxon Mobil seeks new deepwater developments in South America, specifically in Guyana and Brazil.

For its onshore projects, the US Permian basin (Texas and New Mexico) are a key target even as it has earmarked new gas projects in Mozambique, Papua New Guinea and the US Gulf Coast.

List Of Multinationals In Nigeria That Are Crashing Under Buhari 
I challenge anyone to post me examples of Job creation. I am not saying they don't exist though I believe this, I am simply laying the evidence before you to make your own conclusion as a voter.

Nigeria: Virgin Atlantic May Have Pulled Out of Nigeria, Sacks Nigerian Staff

Quote: "We fought daily battle against government agents who wanted to daily make fortune from us, politicians who saw the government 49 per cent as a meal to seek for all kinds of favour... watchdogs (regulatory body) that didn't know what to do and persistently asking for bribes at any point... Nigerian people are generally nice but the politicians are very insane... that may be irony because the people make up the politicians."
http://allafrica.com/stories/201511090151.html

Honeywell Flour Mills reports 66.27% decline in full year profit
https://trwstockbrokers.wordpress.com/2015/08/03/honeywell-flour-mills-reports-66-27-decline-in-full-year-profit/

October
Guinness Nigeria suffers 76% profit decline
http://businessnews.com.ng/2015/10/24/guinness-nigeria-suffers-76-profit-decline/

Lafarge Africa’s profit dips amidst slow sales in Q3
http://thenationonlineng.net/lafarge-africas-profit-dips-amidst-slow-sales-in-q3/

Unilever Nigeria : FMCG Companies Suffer Half-Year Profit Decline
http://www.4-traders.com/UNILEVER-NIGERIA-PLC-8252801/news/Unilever-Nigeria--FMCG-Companies-Suffer-Half-Year-Profit-Decline-21155149/

First Aluminium Nigeria records 21.8 % profit decline
http://worldstagegroup.com/index.php?active=news&newscid=25451&catid=30

AIICO INSURANCE PLC: Decline in profits
http://www.pressreader.com/nigeria/thisday/20151108/281827167647336/TextView

Facts behind Diamond Bank’s 12percent profit decline in H1 2015
http://www.transparentnigeria.com/news_entries/24294/Facts-behind-Diamond-Bank%E2%80%99s-12percent-profit-decline-in-H1-2015

Cadbury Nigeria Records 98% Dip in Nine Months Profit
http://www.thisdaylive.com/articles/cadbury-nigeria-records-98-dip-in-nine-months-profit/222822/

HoneyWell Flourmills Records Profit Decline in Half Year 2015
http://www.bullsnbearsng.com/2015/10/honeywell-flourmills-records-profit.html

PZ Cussons: A corporate giant on the decline
http://newmail-ng.com/pz-cussons-a-corporate-giant-on-the-decline

September
Mobil Oil Nigeria records 39% profit decline
Quote: The financial results of the company for the period ended 30th September 2015 published by theNigerian Stock Exchange today showed that profit before tax fell 33.5 per cent
http://naija247news.com/2015/10/mobil-oil-nigeria-records-39-profit-decline/

August
MTN’s Profit Declines as Sales Fall in Nigeria, South Africa
http://www.bloomberg.com/news/articles/2015-08-05/mtn-profit-declines-11-as-sales-fall-in-nigeria-south-africa

Nestle Nigeria records 50.8% profit decline in Q1
http://nationalmirroronline.net/new/nestle-nigeria-records-50-8-profit-decline-in-q1/

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