Thread regarding ExxonMobil Corp. layoffs

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A deal was struck for the stake in the 40-60 MPN-NNPC JV with Seplat, one of the numerous Nigerian ‘juniors’ scavenging on the mature historical majors‘ assets. It was cleared by the former President Buhari, who also held the Oil Minister portfolio, but in a surprising twist the decision was overturned by the Nigerian Upstream Petroleum Regulatory Commission. Not sure on which ground. Internal political squabbles must have play a role. Most majors in the country are, one way or another, facing the same type of issues.
The attitude of the new, recently elected, President and his government remain to be seen to evaluate the possibilities (if any) to salvage the Seplat deal.

A deal for the stake in the 40-60 MPN-NNPC JV was struck with Seplat, one of the numerous Nigerian ‘juniors’ scavenging on the mature historical majors' assets. The deal was cleared by former president Buhari, who also held the Oil Minister portfolio, but, in a surprising twist, it was vetoed by the Nigerian Upstream Petroleum Regulatory Commission. Not sure on which ground. We're more facing here internal political squabbles. Most majors in the country are, some way or another, in the same type of trouble.
It remains to be seen what the recently elected President and the new government attitude will be.

Isn't the Nigeria exit stuck in some regulatory issue?

@1rzg+1lNRmKs8
Probably not the best place to elaborate too much on this but, to cut it short, let’s say that the usual EM mo--n:c “my way or the highway” type of approach has badly backfired.
There were two major critical success factors to be met in order to cut a smooth deal : onboarding the employees (some with 25+ years of seniority), worried about their future employment conditions, and convincing the local authorities that it was a good business decision. Selling their assets to an almost unknown “junior junior” without any significant track record in the E&P business was certainly not the best way to meet those conditions. Trying to force push the deal at all cost made things even worse. And now we are here. Same kind of story is currently unfolding in Nigeria (attempt to sell h.Mobil shallow water assets) and in EG. It’s in the press.
The rest is history.

@shn+1lNRmKs8
What happened with T.Sch...
How was the deal botched?

We've gotta go more texan-centric anyhow.
Do you realize how many square miles of carbon-capture pits can be dug out just outside galveston or beaumont in GOM?
that's where the money is. Forget these carbon-source folks - tawkin to you guyana - and go with carbon capture.

Capture the money, Durwood.
and dividend me.

The question now is who's going to take the hit. The seller (if the Chadian government considered his preemption rights were disregarded), or the buyer (if it can be proved they didn't do their due diligence properly).
This deal of Chadian and Cameroonian assets sales, that required some soft touch and a high level of contextual awareness was completely botched by the arrogant Texan cowboys supervising it from 7,000 miles.
Sch...ler should have been fired. But he was ‘exfiltrated’ before the sh:t hit the fan.

Maybe EM can get some insufferable GOP stooge to go to war over it like they did in Iraq back in 2003.

Sounds about right. Now let’s go invest more in China.