Beitrag vom 18.06.2021

The Africa Report

ENERGY TRANSITIONS

Exxon’s exit from Ghana may be first sign of majors quitting Africa

By Jonas Nyabor, Nicholas Norbrook

Ghana's upstream petroleum sector is going through a tricky patch. American giant ExxonMobil's unexpected exit from the sector has only ramped up anxiety. And it is not just Exxon: TotalEnergies is also actively moving away from crude in Nigeria. Ghana will need to aggressively tackle many challenges while quickly repositioning itself in the face of a global energy transition.

In May 2021, ExxonMobil announced to the Ghanaian government that it was exiting the country’s upstream petroleum sector where it has been conducting exploration after acquiring rights in 2018.

The company’s investment was the first after a landmark ruling from the International Tribunal for the Law of the Sea (ITLOS) in favour of Ghana, following the maritime border dispute with Ivory Coast a year earlier.

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