Breaking News: ExxonMobil has announced plans to invest the sum of $10 billion in Nigeria’s offshore oil operations.
The announcement drew the commendations of the Nigerian government represented by Kashim Shettima, the Vice President of Nigeria. Shettima who met with the executives of ExxonMobil at the sidelines of the 79 UN General Assembly currently holding in the United States.
Shettima credited ExxonMobil’s investment plans to the current economic reforms implemented by the Federal government of Nigeria, aimed at creating a more investor-friendly business climate.
In the Vice President’s statement made available to 9am News Nigeria he said ““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”.
ExxonMobil is an International Oil Company (IOC) which once had investments in Nigeria’s onshore oil sector but have divested from it and are now exploring investments in the offshore oil sector.
Chairman and Managing Director of ExxonMobil in Nigeria, Shane Harris, affirmed the company’s commitment to exploring investment opportunities in Nigeria.
In Chairman Shane Harris’ statement made available to 9am News 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.
“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.” he added.
Further information
ExxonMobil is one among a host of IOCs that have divested from onshore operations to offshore operations in Nigeria.
In January 2024, Shell a prominent IOC operating in Nigeria made a decision to sell off its onshore assets to a group of Nigerian oil companies (Aradel Energy, Petrolin, Renaissance Oil, First E&P, and ND Western) for $1.3 billion. The deal is still pending the approval of the Nigerian government.
Likewise, TotalEnergies a French owned IOC has announced plans sell off its stake in Nigeria’s downstream sector and delve into operations in the offshore sector.
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