This move is in line with the company’s strategic focus on optimising its global portfolio.
The exit from Equatorial Guinea marks the end of nearly three decades of Exxon operations there. This period saw the country become a member of the Organization of the Petroleum Exporting Countries (OPEC).
Exxon Mobil was quoted by Bloomberg News as saying that the decision to exit is “consistent with ExxonMobil’s long-term strategy”.
In an emailed statement, Exxon said: “Our focus now is on a safe handover of operations and caring for all impacted by this change.”
Reuters reported in 2022 that Exxon intended to leave the country following the expiration of its licences as part of a broader strategy to phase out from legacy crude assets in Africa.
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In the same year, Exxon announced plans to retire the Zafiro field’s platform following a safety incident that led to its shutdown.
Prior to this event, the field was producing approximately 45,000 barrels per day, which is a small portion of Exxon’s global production of 3.8 million barrels per day.
The Zafiro field produced more than one billion barrels in over two decades.
The company has been attempting to divest its principal asset, the Zafiro field, since 2020, with oil output in the country declining.
ExxonMobil CEO Darren Woods has been focusing on reducing capital spending globally, directing investments towards high-growth, low-cost opportunities, notably in Guyana and the US Permian Basin.