The Federal Government has welcomed ExxonMobil’s plans to invest $10 billion in Nigeria’s deep-water (offshore) oil activities.
This was stated by Nigeria’s Vice President, Kashim Shettima, at a meeting with ExxonMobil officials on the margins of the current 79th Session of the United Nations General Assembly in York, United States.
ExxonMobil is one of a few international oil firms (IOCs) that have left Nigeria’s onshore environment to pursue deep-water activities in the oil-rich Niger Delta. Shettima said that the proposed investment demonstrates the administration’s economic reforms and investor-friendly policies.
“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 declared.
What ExxonMobil is Saying
Shane Harris, the Chairman and Managing Director of ExxonMobil Affiliates in Nigeria, underlined the company’s commitment to investing in Nigeria.
According to Harris, the focus of ExxonMobil’s new plan is the Owo project, a significant underwater tie-back that might cost $10 billion.
“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.
In addition, 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.
