The Federal Government said it welcomes oil major, ExxonMobil\u2019s plan to invest $10 billion in Nigeria\u2019s deep-water (offshore) oil operations.<\/p>\n
This is contained in a statement by the Vice President of Nigeria, Kashim Shettima, during a meeting with ExxonMobil executives on the sidelines of the ongoing 79th Session of the United Nations General Assembly in York, United States.<\/p>\n
ExxonMobil is one of the handful of international oil companies (IOCs) which have exited Nigeria\u2019s onshore environment to explore the deep-water operations in the oil-rich Niger Delta.<\/p>\n
Shettima noted the proposed investment is a clear testament to the administration\u2019s economic reforms and investment-friendly policies.<\/p>\n
\u201cThis potential investment by ExxonMobil aligns perfectly with the President @officialABAT administration\u2019s vision for a more investment-friendly Nigeria. We are committed to creating an enabling environment for such transformative projects,\u201d<\/i><\/em>\u00a0Shettima stated.\u00a0\u00a0<\/b><\/strong><\/p>\n On his part, the Chairman and Managing Director of ExxonMobil Affiliates in Nigeria, Shane Harris, reaffirmed the company\u2019s commitment to investing in Nigeria.<\/p>\n Harris mentioned that the centerpiece of ExxonMobil\u2019s new strategy is the Owo project, a substantial subsea tie-back that could represent a $10 billion investment.<\/p>\n \u201cOur commitment to Nigeria remains unwavering. As we celebrate 70 years of oil production and 8 billion barrels produced, we\u2019re not retreating but refocusing our investments on deep-water opportunities.\u00a0\u00a0<\/i><\/em><\/p>\n We\u2019re working closely with the President\u2019s office and the Special Adviser to the President to secure favourable fiscal arrangements that will make this significant investment possible,\u201d<\/i><\/em>\u00a0Harris explained.<\/p>\n In addition, 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.\u00a0<\/b><\/strong><\/p>\n There is an ongoing plan with the ExxonMobil and Seplat Energy for the divestment of the former\u2019s\u00a0onshore assets for $1.2 billion<\/p>\n The deal which had been ongoing since 2022 saw a greenlight following President Tinubu\u2019s intervention to resolve the issue as soon as possible.<\/p>\n Meanwhile, ExxonMobil is not the only international oil company (IOC) deciding to move offshore and employing a divestment strategy to offload its stakes in the onshore segment of the oil and gas sector.<\/p>\n <\/p>\n","protected":false},"excerpt":{"rendered":" The Federal Government said it welcomes oil major, ExxonMobil\u2019s plan to invest $10 billion in Nigeria\u2019s deep-water (offshore) oil operations. This is contained in a statement by the Vice President of Nigeria, Kashim Shettima, during a meeting with ExxonMobil executives on the sidelines of the ongoing 79th Session of the United Nations General Assembly in […]<\/p>\n","protected":false},"author":27,"featured_media":49934,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[173],"tags":[],"class_list":["post-49928","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-business"],"aioseo_notices":[],"amp_enabled":true,"_links":{"self":[{"href":"https:\/\/abujacityjournal.com\/livenews\/wp-json\/wp\/v2\/posts\/49928","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/abujacityjournal.com\/livenews\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/abujacityjournal.com\/livenews\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/abujacityjournal.com\/livenews\/wp-json\/wp\/v2\/users\/27"}],"replies":[{"embeddable":true,"href":"https:\/\/abujacityjournal.com\/livenews\/wp-json\/wp\/v2\/comments?post=49928"}],"version-history":[{"count":1,"href":"https:\/\/abujacityjournal.com\/livenews\/wp-json\/wp\/v2\/posts\/49928\/revisions"}],"predecessor-version":[{"id":49935,"href":"https:\/\/abujacityjournal.com\/livenews\/wp-json\/wp\/v2\/posts\/49928\/revisions\/49935"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/abujacityjournal.com\/livenews\/wp-json\/wp\/v2\/media\/49934"}],"wp:attachment":[{"href":"https:\/\/abujacityjournal.com\/livenews\/wp-json\/wp\/v2\/media?parent=49928"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/abujacityjournal.com\/livenews\/wp-json\/wp\/v2\/categories?post=49928"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/abujacityjournal.com\/livenews\/wp-json\/wp\/v2\/tags?post=49928"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}