Nigeria secures $10 billion investment from ExxonMobil in deepwater oil operations

Nigeria has secured a $10 billion investment from ExxonMobil in Nigeria’s deepwater oil operations.

This development was announced by Stanley Nkwocha, senior special assistant to the vice president for media and communications in a statement issued on Thursday, September 26, 2024.

He disclosed that Shane Harris, chairman and managing director of ExxonMobil Affiliates in Nigeria, spoke about the investment plans on Wednesday during a high-level meeting with Vice President Kashim Shettima on the sidelines of the ongoing 79th session of the United Nations General Assembly (UNGA) in New York.

Harris reiterated the company’s commitment to investing in Nigeria.

“Our commitment to Nigeria remains steadfast. As we celebrate 70 years of oil production and 8 billion barrels produced, we will not step back, but refocus our investments on deepwater opportunities,” he said.

Harris said the company was working closely with President Bola Tinubu’s office to secure favorable fiscal arrangements to make the investment possible.

“The centerpiece of ExxonMobil’s new strategy is the Owo project, a substantial subsea venture that could represent an investment of $10 billion,” he said.

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“Despite the planned divestment of its onshore assets to Seplat Energy, ExxonMobil intends to inject $1 billion annually into maintenance operations and an additional $1.5 billion to increase production by 50,000 barrels per day over the next few years.”

Shettima described the investment as evidence of the government’s economic reforms and investment-friendly policies.

“This potential investment by ExxonMobil is in line with President Bola Ahmed Tinubu’s government’s vision for a more investment-friendly Nigeria,” Shettima said.

“We are committed to creating an environment that supports such transformative projects.

“This new hope agenda emphasizes ease of doing business. We have initiated comprehensive reforms to simplify bureaucratic processes, increase transparency and provide fiscal incentives that make Nigeria an attractive destination for global investors.”

“ExxonMobil’s potential investment is a clear indication that we are moving in the right direction,” he said.

“As we welcome ExxonMobil’s new commitment, we see this as a beginning. Our doors are open to all investors across all sectors. The message is clear: Nigeria is open for business, and President Tinubu’s government is your partner in progress.”

By: Babajide Okeowo

Nigeria secures $10 billion investment from ExxonMobil in deepwater oil operations first appeared on Latest Nigeria News | Headlines from Ripples Nigeria.