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Business News

Exxon begins talks with domestic firms to divest businesses in Nigeria

Exxon’s proposed divestments will include stakes in both onshore and offshore fields.

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Exxon Mobil to cut 14,000 jobs as pandemic hit oil demand, prices, ExxonMobil to Divest oil fields in Nigeria, Domestic oil companies

Oil and gas fields owned by Exxon Mobil Corporation in Nigeria could soon be sold, as the U.S company is in talks with companies interested in the oil blocks.

The sales will include stakes in onshore and offshore fields.

The Texas-based company is one of the largest oil and gas producers in Nigeria, with 106 operated platforms. Selling the proposed fields could raise up to $3 billion.

Why Exxon is selling its oil and gas field: The company is looking to divest its business in Nigeria and focus on new developments in U.S shale and Guyana. This has prompted Exxon to hold talks with several Nigerian companies in order to determine their interests in the fields.

Another contributing factor is the oil spills resulting from pipeline sabotage which has compelled some international companies, including Royal Dutch Shell, to reduce their presence in the country.

The oil fields Exxon is putting on sale

The focus is on a number of onshore fields Exxon shares (in joint ventures) with Nigerian state oil firm, Nigerian National Petroleum Corporation (NNPC). These include oil mining leases 66, 68, 70 and 104.

It was reported that Exxon’s share of oil production in those fields reached 120,000 bpd in 2017, the last year for which data was available.

Exxon is also planning to offer assets in two African countries – while the company is weighing the possible sale of stakes in offshore fields in Nigeria, it is also looking into offering for sale assets in Equatorial Guinea and Chad.

Exxon divestment is not only in Africa –the company has also launched the sale of its stake in Azerbaijan’s largest oilfield, which would mark its retreat from the former Soviet state after 25 years.

Exxon’s plan in Guyana and the U.S. oilfields

The expansion drive of Exxon has seen the company announce an increase in its capital spending from $26 billion in 2018 to $30 billion in 2019 and up to $35 billion next year in a bid to develop oilfields in Guyana and the U.S.

In an analyst presentation last month, Exxon said it would accelerate its divestments to around $15 billion by 2021.

The divestment in Nigeria comes at a time the Nigerian government is encouraging the expansion of domestic firms such as Oando, Seplat and privately held Aiteo in the country.

Olalekan is a certified media practitioner from the Nigerian Institute of Journalism (NIJ). In the era of media convergence, Olalekan is a valuable asset, with ability to curate and broadcast news. His zeal to write was developed out of passion to shape people’s thought and opinion; serving as a guideline for their daily lives. Contact for tips: [email protected]

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Business News

Tip Jar, Twitter’s new giveaway feature that lets users send money to you

Twitter has introduced a new feature called Tip Jar that allows you send money to your favourite tweeters.

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US Elections: Twitter, Facebook suspend several news accounts

Twitter has introduced a new feature called Tip Jar that allows you send money to your favourite tweeters.

According to the blog post, “Tip Jar is an easy way to support the incredible voices that make up the conversation on Twitter. This is a first step in our work to create new ways for people to receive and show support on Twitter – with money.”

The new feature utilizes different payment platforms like PayPal, Venmo, Patreon, CashApp, and others.

Users can link their Twitter accounts with Tip Jar to any of these payment providers. Twitter takes no cut.

You’ll know an account’s Tip Jar is enabled if you see a Tip Jar icon next to the Follow button on their profile page. Tap the icon, and you’ll see a list of payment services or platforms that the account has enabled. Select whichever payment service or platform you prefer and you’ll be taken off Twitter to the selected app where you can show your support in the amount you choose.

Twitter has released series of features this year as part of its efforts to grow Twitter’s user base to 315 million daily active users by the end of 2023.

The company also launched Twitter crop where images don’t get crop again on Twitter for Android or iOS. Standard aspect ratio images (16:9 and 4:3) will now display in full without any cropping and images will look just like they did when you shot them.

Lauren Alexander, a Twitter spokesperson said, “Today’s launch is a direct result of the feedback people shared with us last year that the way our algorithm cropped images wasn’t equitable, The new way of presenting images decreases the platform’s reliance on automatic, machine learning-based image cropping.”

Twitter has tested several features and more will be rolled out soon.

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Business

Customs Apapa Command generates revenue of N65.4 billion in April

This indicates a 64% increase in collection and an unprecedented record that has never been achieved in the history of Apapa Area Command.

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Border closure: Amid N5bn daily revenue, Customs officials lament allowance slash  

The Nigerian Customs Service (NCS) Apapa Area Command has announced a revenue of N65,463,398,355.85 for the month of April—an increase of N25,585,561,139.92 compared to the same period last year.

This was disclosed by Comptroller Ibrahim Yusuf, Area Controller of Apapa command, in a press briefing on Thursday.

What Ibrahim Yusuf is saying

“This indicates a 64% increase in collection and an unprecedented record that has never been achieved in the history of Apapa Area Command.

In line with the provision of extant laws, trade guidelines and enforcement of government fiscal policy measures, the command was able to further strengthen its anti-smuggling operations against economic saboteurs through credible intelligence-driven operations.

This led to the seizure of 4×40 feet containers laden with unregistered pharmaceuticals (674 cartons of tramadol tablets in 225mg and 120mg, and 805 cartons of codeine syrup in 100ml) at APMT and SIFAX 3 bonded terminal respectively.

Other items seized in the period under review include: two containers of unprocessed wood and one container of scrap copper wire,” he said.

He added that the progress the Apapa Command made in the month of April was possible due to the resilience of the officers, citing that the Command had taken steps to ensure efficient revenue collection by creating an enabling environment for legitimate businesses to thrive.

What you should know

Recall Nairametrics reported that the Nigeria Customs Service (NCS) Apapa Command stated earlier that it generated a revenue of N159.58 billion in the first quarter of 2021.

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