Shell, ExxonMobil, other IOCs frustrated by slow progress of Nigerian oil asset sales

The shale paradigm has made many oil majors rethink if their efforts in some less-easy-going parts of the globe were still worth it. Oil and Gas from Nigeria is mostly sweet and comparatively easy to produce and refine but the politics plus the safety situation in the country are also cost factors and it seems those factors are harder to swallow than the additional cost of unconventional reserves. Also, Nigeria is not exactly very close to high-price markets. The oil and the gas need to be transported opening further risk and cost so the calculation has shifted. If this takes too long, the majors might think of write-downs. They want out. 

Linkedin Thread