Oil major, ExxonMobil has disclosed a plan to invest $10 billion in Nigeria’s deep-water (offshore) oil operations.
The Federal Government said it welcomes the plan, which it describes as a is a clear testament to the President Bola Tinubu-led administration’s economic reforms and investment-friendly policies.
Vice President Kashim Shettima, said this during a meeting with ExxonMobil executives on the sidelines of the ongoing 79th Session of the United Nations General Assembly in York, United States.
ExxonMobil is one of the handful of international oil companies (IOCs) which have exited Nigeria’s onshore environment to explore the deep-water operations in the oil-rich Niger Delta.
“This potential investment by ExxonMobil aligns perfectly with the President @officialABAT administration’s vision for a more investment-friendly Nigeria. We are committed to creating an enabling environment for such transformative projects,” Shettima said.
Chairman and Managing Director of ExxonMobil Affiliates in Nigeria, Shane Harris, reaffirmed the company’s commitment to investing in Nigeria.
He said the centerpiece of ExxonMobil’s new strategy is the Owo project, a substantial subsea tie-back that could represent a $10 billion investment.
“Our commitment to Nigeria remains unwavering. As we celebrate 70 years of oil production and 8 billion barrels produced, we’re not retreating but refocusing our investments on deep-water opportunities.
“We’re working closely with the President’s office and the Special Adviser to the President to secure favourable fiscal arrangements that will make this significant investment possible,” Harris explained.
He further revealed that ExxonMobil aims to inject $1 billion annually into maintenance operations and an additional $1.5 billion to boost production by 50,000 barrels per day over the next few years.
