American oil major, ExxonMobil has declared force majeure on oil lifting from several ports in Nigeria.
In 2022, President Muhammadu Buhari reversed his earlier authorization of Seplat Energy Plc’s $1.28-billion purchase of Exxon Mobil Corp. assets and backed the energy regulator’s decision to reject the deal.
Exxon began oil operations in Nigeria in the 1950s and, alongside Shell, was responsible for the creation of the oil industry that has become the bedrock of the Nigerian economy. But Exxon and Shell have also been criticised for leaving behind a swath of environmental, social and operational problems.
Exxon operates the permits in a partnership with NNPCL which had sought to block the transaction, arguing that it had a contractual right to pre-empt any sale.
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