Exxon Mobil Declares Force Majeure on Nigerian Oil Liftings Following In-house Workers' Union Strike, Potentially Impacting Country's Production Recovery Efforts

Exxon Mobil Corporation has announced a force majeure on its Nigerian oil liftings due to strike action by its in-house workers' union, potentially affecting the country's plan to boost production to 1.6 million barrels per day.

Other oil majors like Shell and TotalEnergies had previously exited the country amid widespread corruption and security issues. Despite some recovery, Nigeria's crude oil output fell for the first time in three months in March 2023.

Exxon has been trying to sell $1.2 billion in shallow-water assets in Nigeria and is keeping deep-water assets further from the coast.