IOC African Oil Exodus Gathers Steam

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  • International oil companies (IOCs) are looking to hive off more legacy upstream oil assets in Africa, with independents and/or private equity firms the most likely buyers.
  • While a prized cash cow in years past, the legacy assets struggle to compete with lower-cost and lower-carbon opportunities in majors' modern portfolios.
  • As they seek to divest, majors such as Exxon Mobil are finding asset sales can be blocked by African governments wanting a greater say in how their resources are reallocated.

The Issue

Upstream Projects, M&A, Corporate Strategy , Offshore Oil and Gas
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