Exxon Mobil to Exit Equatorial Guinea

© Arjen / Adobe Stock
© Arjen / Adobe Stock

Exxon Mobil Corp said on Thursday it will exit Equatorial Guinea in the second quarter of this year, when the oil major will transfer its remaining investments in the country to the local government.

Reuters reported in 2022 that Exxon had decided to leave the country once its licenses expired, amid a larger Africa phase out from legacy crude assets.

The company said the decision was aligned with its "long-term strategy".

"Our focus now is on a safe handover of operations and caring for all impacted by this change," it said in an emailed statement.

Exxon's oil output in Equatorial Guinea has been declining over the years and the oil giant has been trying to sell its key asset Zafiro operation since 2020.

(Reuters - Reporting by Mrinalika Roy in Bengaluru; Editing by Shilpi Majumdar)

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