General News
ExxonMobil Buys $4b Stake in Ghanaian Oil Field
ExxonMobil Corporation has agreed to buy a $4 billion stake in an oil field off the coast of Ghana, as the global energy giant seeks a foothold in a major new oil-producing region.
The deal is Exxon’s first major purchase in a decade and appears to highlight that the company believes oil prices will rise in the long term. Some energy analysts have asserted that weak demand for fuel can not support even the current price of $70 a barrel.
Although a spokesman for Exxon declined to comment, sources briefed on the deal said while the parties have reached a binding agreement, the deal hasn’t yet been completed and is therefore subject to change. One outstanding issue is that the Ghanaian national oil company has the right to increase its stake.
The seller is Dallas-based Kosmos Energy, which was part of a group that made the 2007 offshore discovery that is estimated to hold 1.8 billion barrels of oil. Anadarko Petroleum Corporation and Tullow Oil Plc also own separate stakes in the field, known as Jubilee.
On Monday, Kosmos informed bidders for its 23.5 per cent stake in the field that it had "entered into an exclusive binding agreement" with Exxon, according to a person who had seen the letter.
The news of the deal was cheered by investors. In London trading, Tullow rose 8.4 per cent to GBP 12.09 ($19.28). In New York, Anadarko gained 6.1 per cent to $65.38 and Exxon rose 1.6 per cent at $68.66.
Also in New York, shares of Blackstone Group LP, a part-owner of Kosmos along with private-equity firm Warburg Pincus, rose 6.2 per cent.
The oil industry has become increasingly optimistic about the prospects for oil production in this region of the West African coast. Recently, a separate consortium announced a discovery off Sierra Leone, leading analysts to speculate that the 700-mile stretch between the two finds could be dotted with buried sands containing precious light crude oil.
Exxon’s entry amounts to a seal of approval. "If Exxon Mobil likes this stuff, then everyone knows it’s good," says Neil McMahon, an energy analyst with Sanford C. Bernstein.
The acquisition is the largest deal for the famously conservative company in over a decade. In the late 1990s, Exxon Corporation and Mobil Corporation combined in an $81.2 billion merger, creating the world’s largest shareholder-owned oil company.
Around the same time, Exxon bid aggressively for licenses in several deepwater blocks off Angola, which was then an unproven oil region emerging from years of civil war. The deal proved prescient: Angola is now a major oil producer and in 2007 became a member of Organisation of Petroleum Exporting Countries (OPEC).
Opening its wallet to purchase oil assets signals a new strategic direction for Exxon. Over the last decade, the Texas behemoth has been reluctant to make any large purchases, even as its holdings of cash and repurchased stock ballooned. At midyear, it held $15.6 billion in cash, and the value of treasury shares it has bought back since 2001 were worth $173.6 billion.
The Ghana purchase suggests Exxon is moving to replenish its oil reserves by building its portfolio asset by asset, rather than by making a mega deal. Indeed, analysts say that Exxon, with its $325 billion market capitalization, may be too big already in the eyes of regulators to swallow another large oil company.
Exxon also is engaged in some high-profile, deepwater exploration activities off the coasts of the Philippines, Turkey, Madagascar and Greenland.
It isn’t clear which company would be the operator of Jubilee, which is expected to begin producing oil in 2010. Tullow has a 34.7 per cent stake and Anadarko also holds a large interest.
Police in Abuja have uncovered a criminal group making fake diplomatic and government number plates.
Ahmed Sanusi, commissioner of Police FCT, stated this during a press briefing on Friday.
He explained that criminals use these fake plates to dodge security checks and enter restricted areas.
The investigation started soon after Sanusi took office.
He noticed too many unauthorized cars driving around with official government and diplomatic tags.
“I immediately ordered a comprehensive investigation into this disturbing trend,” Sanusi said. He noted that these individuals use the plates as a cover to commit crimes and avoid arrest.
The police have already arrested several people caught using the fake plates.
They have also figured out who is making them.
The manufacturers operate outside Abuja, and police are actively hunting them down.
Sanusi kept their names secret so they would not flee.
He stressed that this is a highly profitable illegal business.
Buyers pay between N500,000 and N1.7 million for a single fake plate.
“This will tell you that they are making such huge expenditure because they have an agenda,” Sanusi explained.
“Now they will face punishment that is bigger than both the cost they incur and the agenda they are planning.”
The commissioner urged residents to report any cars with suspicious diplomatic plates.
He reminded the public that real diplomatic tags follow a very specific format.
A diplomatic number plate in Nigeria is a special vehicle identification tag issued to foreign embassies, high commissions, and accredited international diplomats.
Gavi has approved $500 million to strengthen Nigeria’s immunisation programme, primary healthcare services and long-term vaccine financing.
The move followed high-level discussions between Professor Muhammad Ali Pate, coordinating minister of Health and Social Welfare, ]and Dr. Sania Nishtar, chief executive officer, Gavi in Abuja.
The funding, approved under the Gavi 6.0 programme, will support Nigeria’s efforts to accelerate routine immunisation, sustain polio eradication, expand HPV vaccination, strengthen primary healthcare services, and improve long-term vaccine financing.
Speaking during the meeting, Pate said Nigeria was strengthening its partnership with Gavi to accelerate immunisation, expand primary healthcare services, and ensure sustainable financing for vaccines.
He welcomed Gavi’s country-focused reforms, including the introduction of a predictable five-year funding envelope.
Pate said the US$500 million allocation will enable Nigeria to plan more effectively and deliver life-saving vaccines to more children and vulnerable populations.
The minister also revealed that quarterly visits to primary healthcare centreshad increased from about 10 million in 2023 to more than 45 million, reflecting significant progress in revitalising the country’s primary healthcare system.
Pate welcomed the announcement of a US$600 million pledge by the United States government to Gavi, describing it as a strong endorsement of the alliance’s leadership and the global value of vaccines.
He also commended Nishtar for prioritising Nigeria and praised the closer coordination among Gavi, World Health Organisation (WHO), UNICEF, World Bank, Gates Foundation, and other development partners, describing it as a model that has improved efficiency and aligned support with Nigeria’s health sector reforms.
The minister expressed appreciation to Gavi and its partners for their continued technical and financial support, while calling on state governments to invest more in healthcare and immunisation to complement federal efforts.
For many women, financial independence means the freedom to provide for their families and build a better future. Yet, this remains out of reach due to limited access to opportunities, business support, and secure payment solutions.
Like millions of women in Nigeria determined to be financially independent, Pricillia started with a single PalmPay POS terminal, and as an agent, every successful transaction provided a commission which brought her one step closer to achieving her dream.
Through consistency, discipline, and support from the payment platform, she reinvested her earnings and eventually opened her own provision store.
“I started as just a PalmPay agent with one POS. The consistency of the platform gave me the confidence to expand. With the income I earned, I was able to open my own provision shop.” Priscilla said.
For Priscilla, PalmPay was more than a payment platform. Its secure payment infrastructure gave her the confidence to serve her customers, build trust, and grow her income.
Today, Pricillia has joined the statistics of SMEs powering Nigeria’s economy and PalmPay continues to support her daily operations, helping her receive payments, as she works towards her next business milestone. Her journey is a reminder that when women have access to secure financial tools and opportunities, they can build lasting economic independence.
Speaking on Pricillia’s journey, Femi Hanson, Head of Marketing, PalmPay said: “Providing a secure platform that users can trust, whether for everyday payments or high-value transactions, is central to our vision of advancing financial inclusion. Priscilla’s story reflects our commitment to supporting the ambitions of Nigerians by providing a platform they can rely on to grow their finances. After all, seamless banking begins with security, and every successful transaction reinforces the trust our users place in us.”
Priscilla stands among thousands of PalmPay agents nationwide who are helping to expand financial access across Nigeria while earning commissions to create sustainable sources of income for themselves.
Every payment tells a story. It begins with trust, the confidence that your money is secure and that financial services are accessible. And when that opportunity reaches women, it creates ripple effects that transform families, strengthen communities, and drive economic growth.
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