Nigeria has secured a $10 billion investment from ExxonMobil in Nigeria’s deep-water oil operations.
This development was announced by Stanley Nkwocha, senior special assistant to the vice president on 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 on the planned investment 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 reaffirmed the company’s commitment to investing in Nigeria.
“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,” he said.
Harris said the company is working closely with President Bola Tinubu’s office to secure favourable fiscal arrangements to make the investment possible.
“The centerpiece of ExxonMobil’s new strategy is the Owo project, a substantial subsea tie-back that could represent a $10 billion investment,” he said.
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“Despite the planned divestment of its onshore assets to Seplat Energy, 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.”
Shettima described the investment as a testament to the administration’s economic reforms and investment-friendly policies.
“This potential investment by ExxonMobil aligns perfectly with the President Bola Ahmed Tinubu administration’s vision for a more investment-friendly Nigeria,” Shettima said.
“We are committed to creating an enabling environment for such transformative projects.
“The renewed hope agenda places a strong emphasis on ease of doing business. We have initiated comprehensive reforms to streamline bureaucratic processes, enhance transparency, and provide fiscal incentives that make Nigeria an attractive destination for global investors.”
“The potential ExxonMobil investment is a clear indication that we are moving in the right direction,” he said.
“As we welcome ExxonMobil’s renewed commitment, we see this as just the beginning. Our doors are open to all investors across various sectors. The message is clear: Nigeria is open for business, and the President Tinubu administration is your partner in progress.”
By: Babajide Okeowo
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