ExxonMobil to invest $10bn in Nigeria’s deep-water oil operations
ExxonMobil has announced plans to invest $10 billion in Nigeria’s deep-water oil operations.
Chairman and managing director of ExxonMobil Affiliates in Nigeria, Shane Harris made the announcement on Wednesday during a high-level meeting with Vice-President Kashim Shettima on the sidelines of the ongoing 79th session of United Nations General Assembly (UNGA) in New York.
The MD, in a statement by Stanley Nkwocha, senior special assistant to the president on media and communications, reaffirmed the company’s commitment to investing in Nigeria.
He said, “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.”
Harris disclosed that the company was working closely with President Bola Ahmed Tinubu’s office to secure favourable fiscal arrangements to make the investment possible.
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.
“Despite the planned divestment of its onshore assets to Seplat Energy, 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.”
According to the Vice President; investment is a testament to the administration’s economic reforms and investment-friendly policies.
He said, “This potential investment by ExxonMobil aligns perfectly with the President Bola Ahmed Tinubu administration’s vision for a more investment-friendly Nigeria.
“We are committed to creating an enabling environment for such transformative projects.
“The renewed hope agenda places a strong emphasis on ease of doing business. We have initiated comprehensive reforms to streamline bureaucratic processes, enhance transparency, and provide fiscal incentives that make Nigeria an attractive destination for global investors.”
Shettima highlighted several recent policy changes introduced by the administration, including unifying the exchange rate, removing petrol subsidies, and implementing tax reforms.
He noted that though the decisions had short-term challenges, they were designed to create a stable and predictable business environment.
Speaking on the oil and gas sector, the VP said the government is actively working on revising the fiscal framework for deep-water operations, ensuring both investment appeal and fair returns for Nigerians.
He said, “The potential ExxonMobil investment is a clear indication that we are moving in the right direction.
“As we welcome ExxonMobil’s renewed commitment, we see this as just the beginning. Our doors are open to all investors across various sectors. The message is clear: Nigeria is open for business, and the President Tinubu administration is your partner in progress.”
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