American Oil and Gas Companies are Leaving Europe and Africa
ExxonMobil and Chevron are increasing investment in the United States, are interested in Latin America, but are leaving European and African assets
ExxonMobil and Chevron are increasing their presence in the United States through large acquisitions of American companies operating in the United States. Corporations are also increasing their capital investments in some South American projects. But they are leaving the Russian Federation, Europe and West Africa.
Both Exxon and Chevron executives say they are “building stronger upstream portfolios closer to home” after selling off assets in Western Europe, West Africa and Russia over the past few years.
In general, there is a tendency in which, due to sanctions, American oil and gas does not want to stay in Russia, but due to the inadequate “green” policy of the EU and its economic problems (rising inflation, problems with paying interest on the national debt, etc.) to work It’s getting more and more difficult there.
But in Latin America, especially in Guyana, conditions for American oil and gas are excellent. And shale production in the United States itself has certain prospects.
“The era of US oil giants owning various assets around the world is over,” says The Wall Street Journal.
Now Exxon, which in recent years has pulled out of Russia, Cameroon and Chad, will become the largest oil producer in the US Permian Basin. And Chevron will add even more assets offshore Guyana and the Bakken shale fields in the US, after abandoning assets in the UK and Norway in recent years.
