ExxonMobil plans to invest $10 billion in Nigeria’s deep-water oil operations, the company announced during a high-level meeting with Vice President Kashim Shettima at the United Nations General Assembly in New York.
Shane Harris, chairman and managing director of ExxonMobil Affiliates in Nigeria, stated, “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.”
The centerpiece of ExxonMobil’s strategy is the Owo project, which represents a significant subsea tie-back investment. Harris explained that the company is collaborating with President Bola Tinubu’s office to secure favorable fiscal arrangements for this substantial investment.
Despite plans to divest onshore assets to Seplat Energy, ExxonMobil aims to inject $1 billion annually into maintenance and an additional $1.5 billion to boost production by 50,000 barrels per day in the coming years.
Shettima highlighted the investment as a sign of the Tinubu administration’s commitment to creating a more investment-friendly Nigeria. He remarked, “The potential ExxonMobil investment is a clear indication that we are moving in the right direction.”
—Ezinwanne Onwuka reports for TruthNigeria from Abuja.
