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Brace yourself for a new wave of Nigerian M&A
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Report summary
There was recent excitement after reports that ExxonMobil will divest upstream assets in Nigeria, Chad and Equatorial Guinea This is part of its global plan to divest US$15 billion of assets by 2021. In Nigeria, this could include its portfolio of undeveloped fields across the JV. These are small to medium-sized fields that the company is unlikely to develop due to marginal economics and/or a shortage of partner funding. But these are not the only majors likely to be selling in 2019. Nigeria has more M&A to offer, with further divestments from the Shell JV portfolio likely on the back of 20 year licence renewals which are due in June, and Chevron could also be an active seller. We assess the opportunities as well as who might be the likely buyers.
Table of contents
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Who's selling?
- IOC portfolio rationalisation rather than exits
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Who's buying?
- Indigenous players in need of funding support
- But where's the money coming from?
- Are there opportunities for foreign E&P companies?
- Conclusion
Tables and charts
This report includes the following images and tables:
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IOC RemPV10 in Nigeria and share of global value
What's included
This report contains:
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