The oil companies' quiet retreat from the Gulf of Guinea
An ExxonMobil FPSO off the coast Nigeria. © ExxonMobil

Running story
The oil companies' quiet retreat from the Gulf of Guinea

Long considered an oil Eldorado thanks to the presence within the region of Africa's two leading oil producers, Nigeria and Angola, the Gulf of Guinea is declining. The inexorable rundown in its output -few if any new discoveries have been made recently in Gabon, Cameroon or Equatorial Guinea - and the fall in oil prices brought about by the Covid-19 pandemic have speeded up the retreat from the region in which the oil majors have been engaged for some years already.

The oil companies' quiet retreat from the Gulf of Guinea
An ExxonMobil FPSO off the coast Nigeria. © ExxonMobil

Equatorial Guinea
Government's efforts to stop ExxonMobil leaving undermined by incident on Zafiro production unit

Equatorial Guinea is trying to stop the American major leaving the country but the deteriorating state of the floating production unit serving its biggest oil field has complicated its position.

LogoSubscribers only Energy 12.10.2022

Shell moves into African renewables with Daystar Power

To kick-start its move into renewable energies in Africa, the British-Dutch major has bought Daystar Power, a solar power producer founded by two German entrepreneurs.

Free Energy 06.10.2022

ExxonMobil's deal with Seplat hangs upon summit meeting

ExxonMobil and Seplat will meet today to find a way to get around the Nigerian state oil company and move forward with their $1.3bn deal.

LogoSubscribers only Energy 17.03.2022

Spotlight | Nigeria
The oligarchs Offor, "ABC" and Haske battle it out for Addax's remains

The Chinese-owned company has decided to leave Nigeria but local oil magnates are waging a ferocious battle, part of it before the Nigerian Federal High Court, to gain control of its production blocks.

LogoSubscribers only Energy 07.03.2022

Equatorial Guinea
Vaalco ditches Zafiro to zoom in on Chevron's assets

The US junior has the financial clout to take over what used to be Noble Energy's fields but winning over Malabo won't be plain sailing.

LogoSubscribers only Energy 04.03.2022

Equatorial Guinea
Trident bids again for ExxonMobil's Zafiro as Savannah lies in wait

Equatorial Guinea's largest oilfield, Zafiro, has been on sale for nearly three years and continues to attract the attention of junior players, despite some of these being repeatedly rejected in Malabo.

Free Energy 17.02.2022

Spotlight | Nigeria
The ins and outs of ExxonMobil's $2bn sell-off

The US super major is quietly working to unload its marginal assets. It has a long way to go before it succeeds.

LogoSubscribers only Energy 12.01.2022

West Africa
ENI, Mercuria, TotalEnergies and Shell aim to revive Gulf of Guinea next year

African E&P may have focused on the south of the continent lately, but the west is still very much in the game.

Free Energy 14.12.2021

Equatorial Guinea
Gabriel Obiang hopes to win oil companies back with new legislation

A few weeks ago, Equatorial Guinea's oil minister Gabriel Obiang Lima initiated the drafting of new legislation covering the hydrocarbons sector in the hope of winning investors back.

LogoSubscribers only Energy 11.11.2021

Spotlight | Nigeria
Why progress is slow on Shell's SPDC sale, the biggest oil deal of 2021/2022

The British-Dutch major is trying to sell its onshore business to concentrate on larger offshore fields.

Free Energy 10.11.2021

Ivory Coast
Trafigura's Puma Energy makes a quiet withdrawal

The Swiss trading house Trafigura has begun proceedings to withdraw from Ivory Coast and its subsidiary Puma Energy is on the verge of closing shop.

LogoSubscribers only Energy Commodity traders 04.11.2021

Shell backs out of Gulf of Guinea as it turns to southern Africa

The British-Dutch major has been eying exploration and development opportunities south of the equator while it starts a gradual withdrawal from its West African assets.

LogoSubscribers only Energy 08.09.2021

Equatorial Guinea
Teodorin Obiang lambasts half-brother Gabriel amid oil crisis

In an attempt to weaken his half-brother's position as a potential successor to their father President Teodoro Obiang Nguema, vice president Teodorin Obiang Nguema has had harsh words for the oil minister, whom he holds responsible for the sector's lack of results.

The Minister of Petroleum of Equatorial Guinea Gabriel Obiang Lima.
LogoSubscribers only Energy 06.09.2021
The Minister of Petroleum of Equatorial Guinea Gabriel Obiang Lima.

Equatorial Guinea
ExxonMobil still struggling to set terms for Zafiro departure

The US giant is still trying to work out the terms of its disengagement from Equatorial Guinea and to determine what role state-run GEPetrol will have in the takeover of its Zafiro field.

LogoSubscribers only Energy 26.08.2021

Fired Lekoil boss Akinyanmi prepares comeback against Metallon

The Nigerian oil junior Lekoil is caught in the crossfire as the company founder clashes with its South African shareholder Metallon.

LogoSubscribers only Energy 08.06.2021

Spotlight | Ghana
ExxonMobil, Aker Energy and ENI fed up with Accra

Business in Ghana is dismal: production is low and exploration at a standstill. Companies are becoming more vocal about their exasperation with the state and some are even pulling out entirely.

LogoSubscribers only Energy 07.06.2021

ExxonMobil ready to call it quits on Deepwater-Cape Three Points

The American supermajor is seriously considering selling its only asset in Ghana.

LogoSubscribers only Energy 31.05.2021

ENI speeds up its asset disposals to Thystere Tchicaya and Sassou's dismay

Italian major ENI is pursuing its drive to rid itself of its smaller assets in Congo, leaving those in charge of the country's oil policy and the SNPC with difficult decisions to make.

LogoSubscribers only Energy 29.01.2021

Spotlight | Equatorial Guinea
Total fears for its petroleum products business after Teodorin Obiang greenlights new refinery

A plan to build a new modular refinery, which is due to come into operation in 2022-2023, threatens to put an end to Total's virtual monopoly on Equatorial Guinea's petroleum products business.

LogoSubscribers only Energy 28.10.2020

Spotlight | Africa
BP set to run down its African operations little by little

The British oil major is looking to drastically reduce its investment in field development and exploration in Africa. Here are our revelations.

LogoSubscribers only Energy 21.10.2020

Stay updated on this topic

An ExxonMobil FPSO off the coast Nigeria.

Running story
The oil companies' quiet retreat from the Gulf of Guinea

Sign up for real-time alerts and be notified of new editions!  

Once registered, you will be notified by a short message on your computer or mobile phone as soon as a new edition of our publication or an alert is published. Stay informed anytime, anywhere!