ExxonMobil Pulls Out of Nigeria’s Downstream Oil Sector
US based oil firm, ExxonMobil has pulled out of the Nigerian downstream oil sector.
The firm has divested its 60 per cent stake in Mobil Oil Nigeria Plc to Nipco Plc, an indigenous Nigerian downstream oil and gas company.
This leaves French energy major, Total, the only international oil company Nipco Plc operating in Nigeria’s downstream oil and gas sector.
Nipco, in a statement on Wednesday, said the acquisition was agreed with the execution of a sales and purchase agreement with ExxonMobil.