ExxonMobil, on Monday, moved to quell concerns about its long-term commitment to Nigeria, following announcements of asset sales.
The oil giant recently met with Nigeria’s Minister of State for Petroleum Resources, Heineken Lokpobiri, where its Managing Director, Shane Harris, emphasized continued investment plans.
Harris assured the minister that these sales do not signify an exit strategy. He pointed towards ongoing and planned investments in the country’s oil and gas sector, highlighting the company’s view of Nigeria’s energy potential.
The Special Assistant on Media and Communications to the petroleum minister, Nneamaka Okafor, disclosed this in a statement issued in Abuja on Monday.
“During the meeting, Mr Harris hinted at significant new investments that ExxonMobil is injecting into Nigeria’s energy sector.
“He expressed confidence in the renewed relationship between ExxonMobil and the Nigerian government, assuring the government that the oil giant was not planning to leave Nigeria,” the statement read.
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It further quoted the ExxonMobil boss as saying, “We are excited about the prospects these new investments bring. Our partnership with the Nigerian government is crucial for sustainable growth, and we look forward to continuing our collaboration as we have no plan to leave.”
On his part, Lokpobiri highlighted the ministry’s focus on creating collaborations and sharing innovative ideas with international oil companies, stating that “we are dedicated to ramping up production and ensuring a supportive environment for all investors by doing everything possible to maintain investor confidence in our country.”
This comes amidst speculation surrounding ExxonMobil’s future in Nigeria, particularly after their proposed divestment of onshore and shallow water assets to Seplat Energy Plc.
The Minister of State reaffirmed the government’s commitment to fostering a conducive environment for investors. This suggests a potential effort to address any concerns that may have prompted the divestment plans.
While ExxonMobil’s public pronouncements are reassuring, the specific reasons behind the asset sales and the nature of future investments remain unclear. Experts point out that the shift towards deepwater production, often cited by oil majors, can be driven by factors such as higher profitability or lower operational risks compared to onshore assets.
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