ExxonMobil Plans to Sell its Operating Stake in Zafiro

Attendees stand near Exxon Mobil Corp. signage during the World Gas Conference in Washington, D.C., U.S, on Tuesday, June 26, 2018. Photographer: Andrew Harrer/Bloomberg

Equatorial Guinea’s Minister of Mines and Hydrocarbons, H.E. Gabriel Mbaga Obiang Lima, has announced that U.S oil major ExxonMobil plans to sell its oil assets in Equatorial Guinea, including its operating stake in the Zafiro oilfield, which currently produces 90,000 barrels a day.

The oil company is planning to sell the stake in Equatorial Guinea as part of its plan to shed $25 billion of assets worldwide as it shifts its focus to larger projects.

“For the development of Zafiro we are talking to companies from Russia, the UK and Equatorial Guinea itself,” H.E. Gabriel Mbaga Obiang Lima said on Sunday, adding that an announcement will be made in June about who will invest in the field.

ExxonMobil’s spokesman said the U.S. oil company is “providing information to third parties that may have an interest in these assets, but no agreements have been reached and no buyer has been identified.” He further noted that a proposed deal would not impact Equatorial Guinea’s exploration activities.

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