Exclusive: Exxon will leave Equatorial Guinea amid the Phase-out of Crude in Africa.
Exxon Mobil Corp (XOM. N) will cease oil production in Equatorial Guinea after its license expires in 2026 and depart the West African nation.
The decision to leave is part of a larger trend by big oil companies to decrease crude output in West Africa and redirect funding toward lower-carbon natural gas projects in the continent and more lucrative ones in the Americas.
Due to the widespread oil theft in Nigeria, foreign oil producers Chevron Corp (CVX. N), Shell Plc (SHEL. L), and Exxon have withdrew, selling their properties mostly to local businesses.
Nigeria’s output has fallen to its lowest level in 32 years, and this year it lost ground to Angola as the continent’s top exporter.
A 30% increase might be caused by increasing demand in gas production in Africa by the end of the decade, Deloitte said.