New investment plans announced by top oil majors, Chevron and ExxonMobil who are operating huge oil assets in Nigeria has affirmed reports indicating their exit plans from the country.
Currently, Chevron says it will use 70 per cent of its capital allocation for production on oil fields in the U.S., Argentina and Canada.
Both Chevron and ExxonMobil are focusing more on shareholder returns and less on speculative spending, they are both reining in investments in large international oil projects and focusing more on investing in the Americas.
ExxonMobil says, it will allocate a similar portion of their budget to places like the Permian Basin, Brazil and LNG projects, The Wall Street Journal reported this week. Both companies are moving out of places like Asia, West Africa, Russia and parts of Latin America, the report says.
