According to company officials, the discussions are focused onshore fields ExxonMobil shares in joint ventures with state producer, Nigerian National Petroleum Corporation (NNPC), including Oil Mining Leases 66, 68, 70 and 104.

The company will open a data room, which would provide technical information on the Nigerian fields, such as seismic and production details.

Back in October 2016, ExxonMobil quit Nigeria's downstream oil sector, divesting its 60% stake in Mobil Oil Nigeria, which was acquired by Nipco, an indigenous downstream oil and gas company. It said other companies valued the assets more highly.

Nigeria's ease of doing business is placed at a low by business analysts owing to mass insecurity in the northwest, north central parts of the country, which has seen several international businesses leave the country.  

However, a member – who spoke on condition of anonymity – of the Nigerian Gas Association (NGA) told NGW April 3, that Exxon's upstream sale should not be seen as a problem but an opportunity for more local involvement in oil and gas field development.

"This is a welcome development that will further deepen indigenous participation and give independents an opportunity to grow production and improve economic development. It is just a drop in the mighty ocean of opportunities. They are not pulling out of the country completely but are restructuring their portfolio," he stated.

ExxonMobil is one of the largest oil and gas producers in Nigeria, with 106 operated platforms. It is focusing upstream efforts though on giant upstream finds offshore Guyana, where the estimated gross recoverable resource from the Stabroek Block is now about 5.5bn boe, up a tenth from last year's estimate of more than 5bn boe, ExxonMobil said in March.