Nigeria has approved the $1.28bn sale of four oilfields run by ExxonMobil to local producer Seplat Energy in the first in a series of planned divestments by international companies from the country’s troubled Niger Delta region. President Muhammadu Buhari, who is also the country’s oil minister, authorised the sale on Monday after “considering the extensive benefits of the transaction to the Nigerian Energy sector and the larger economy”, a statement from his office said. Exxon began oil operations in Nigeria in the 1950s and, alongside European rival Shell, was responsible for the creation of the oil industry that has become the bedrock of the Nigerian economy.
Encore (WIRE), Delek (DK) and Exxon Mobil (XOM) are currently witnessing a short-term pullback in price. So, make sure you take full advantage of it.
TechnipFMC (FTI) is likely to provide the engineering, procurement, construction and installation of subsea risers and pipelines as part of this new contract in Guyana.