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Tag: ExxonMobil

Energy

ExxonMobil flags consumer resistance as threat to 2050 net zero goals

ExxonMobil has cautioned that the global energy sector’s net zero ambitions are likely to be delayed past 2050, citing consumer resistance to high energy costs and a resurgence in coal demand, the world’s most carbon-intensive fuel. In its Global Energy Outlook released Thursday, the oil giant projected that global emissions will decline by just 25% […]

News

ExxonMobil changes leadership as top official retires after 34 years

ExxonMobil has announced that the President of ExxonMobil Upstream Company and Vice President of ExxonMobil Corporation, Liam Mallon, will retire on February 1, 2025. Following this, the Board of Directors has appointed Dan L. Ammann as the new President of ExxonMobil Upstream Company. According to the statement, Dan L. Ammann will also continue as Vice […]

News

ExxonMobil considers sale of US$1bn Singapore gas stations

Exxon Mobil Corp. is exploring the sale of its gas stations in Singapore, a move that could generate approximately $1 billion. The company is collaborating with financial advisers to manage the potential sale, with interest from other industry players and investment funds, Bloomberg reported on Tuesday, citing sources. ExxonMobil operates 59 petrol stations in Singapore […]

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ExxonMobil-Seplat deal to increase Nigeria’s oil output – Experts

The conclusion of the $1.28 billion divestment deal between ExxonMobil and Seplat, along with similar transactions in Nigeria’s upstream oil sector, is expected to boost oil output by 21.4%, reaching over 1.7 million barrels per day, according to experts. In his Independence Day national broadcast, President Bola Tinubu announced that the government is set to […]

Oil and Gas

ExxonMobil waits for NNPCL to lift ban on Seplat/MNPU

ExxonMobil has said that it is awaiting the Nigerian National Petroleum Company Limited to lift the ban preventing the sale of its assets to Seplat Energy. This was disclosed by the company’s Regional Communications Manager – Africa, Oge Udeagha, according to The Punch. The NNPCL announced on Thursday that it has inked a settlement agreement […]

ExxonMobil vacates Lagos office, opts for smaller space
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ExxonMobil vacates Lagos office, opts for smaller space

ExxonMobil is vacating its expansive offices in Lagos as its 33-year lease expires on Friday, Reuters reported on Friday. This move is part of the oil giant’s broader strategy to reduce its operations in Nigeria. In a similar trend, oil companies such as Shell, TotalEnergies, and Eni have attempted to exit Nigeria’s oil-rich Niger Delta […]

News

NNPC, ExxonMobil resolve dispute over assets divestment

The Nigerian National Petroleum Company Limited and ExxonMobil have made progress in resolving the dispute over the sale of ExxonMobil’s asset to Seplat Energy, potentially leading to Nigeria increasing its daily crude oil output by 480,000 barrels. The NNPCL officially announced on Thursday that it has reached a settlement agreement with ExxonMobil companies operating in […]

News

Job cuts loom as ExxonMobil scales down Nigeria operations

Exxon Mobil is scaling down its operations in Nigeria as it moves to reduce its office space in Lagos while curtailing activities in Nigeria. Exxon has moved out of its enormous Lagos offices and opted for a more compact location. Similar reductions are expected in other Nigerian cities where the company is active, according to […]

Tinubu orders NNPC to sell Crude to Dangote in Naira
News

Tinubu moves to settle ExxonMobil, Seplat Energy rift

President Bola Tinubu has reaffirmed his commitment to resolving the divestment issues between ExxonMobil and the indigenous energy company, Seplat Energy. This commitment was articulated in a statement by the president’s spokesperson, Ajuri Ngelale, during a meeting with ExxonMobil President Liam Mallon and other executives at the State House in Abuja on Tuesday. In February […]

Seplat Energy extends agreement for ExxonMobil acquisition
News

Seplat Energy extends agreement for ExxonMobil acquisition

Seplat Energy Plc has prolonged the Share Sale and Purchase Agreement for the acquisition of ExxonMobil’s share capital in Mobil Producing Nigeria Unlimited, according to a notice submitted to the Nigerian Exchange Limited. The extension is aimed at keeping the transaction intact while awaiting the resolution of certain legal matters and obtaining the required regulatory […]

ExxonMobil Nigeria names Shane Harris new chairman/MD
Appointments

ExxonMobil Nigeria names Shane Harris new chairman/MD

A major international oil company, ExxonMobil, has named Mr. Shane Harris as the new chairman, managing director, and chief country manager for its three Nigerian affiliates. Nairametrics reported that Richard Laing, a seasoned executive with more than 30 years of service to the organization, retired shortly after the decision was made. ExxonMobil emphasized the significance […]

EXXONMOBIL-REFINERY
Business

ExxonMobil’s profit doubles in Q1 over high demand

ExxonMobil’s profits in the first quarter of 2023 doubled due to the increased demand for oil and gas and cost-cutting measures, resulting in a record $11.4bn profit despite falling oil prices and paying $200m in windfall taxes in Europe. BBC reported that the energy giant’s profits included a $3.4bn after-tax reduction to exit Russia. The […]

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