The Nigerian Federal Government has expressed strong support for ExxonMobil’s decision to invest $10 billion in the country’s deep-water oil operations. This announcement came during a meeting between Nigeria’s Vice President, Kashim Shettima, and ExxonMobil executives at the 79th United Nations General Assembly in New York.
Shettima emphasized that this investment underscores the government’s economic reforms and commitment to creating an investment-friendly climate. “ExxonMobil’s potential investment aligns with our vision for a more welcoming Nigeria,” he stated.
ExxonMobil’s Chairman in Nigeria, Shane Harris, reiterated the company’s dedication to the region, highlighting the Owo project as a cornerstone of their strategy. He noted that this substantial investment would be complemented by $1 billion annually for maintenance and $1.5 billion to increase production by 50,000 barrels per day in the coming years.
The investment comes alongside ExxonMobil’s ongoing $1.2 billion divestment of its onshore assets to Seplat Energy, a deal expedited by President Tinubu’s intervention. This trend of shifting focus to offshore operations is not unique to ExxonMobil; Shell and TotalEnergies have also announced similar divestment strategies, reflecting a broader industry shift in Nigeria’s oil sector.
