ExxonMobil’s $10bn Offshore Oil Operations’ Plan Receives FG’s Nod

The Federal Government says it is okay with plans by oil exploration company, ExxonMobil to invest $10 billion in Nigeria’s offshore oil operations.

A statement by Vice President, 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 , said it aligned perfectly with the President’s vision for a more investment-friendly Nigeria, Shettima declared.,.

“This potential investment by ExxonMobil aligns perfectly with the President @officialABAT administration’s vision for a more investment-friendly Nigeria. We are committed to creating an enabling environment for such transformative projects,”

Chairman and Managing Director of ExxonMobil Affiliates in Nigeria, Shane Harris, responding, stated:

“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.

“We’re working closely with the President’s office and the Special Adviser to the President to secure favourable fiscal arrangements that will make this significant investment possible,” Harris added

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The Eagle reports that ExxonMobil upstream affiliates in Nigeria operate several joint venture concessions and deep water production sharing contracts.

These currently focus on major secondary oil recovery projects, natural gas liquids and gas monetization and significant investment in national content development.

“The ExxonMobil upstream affiliates operating in Nigeria are Mobil Producing Nigeria Unlimited (MPN), Esso Exploration and Production Nigeria Limited (EEPNL) and Esso Exploration and Production Nigeria (Offshore East) Limited”, the company states, adding that “The companies have notable history, proven experience and a strong record of contributions to Nigeria’s development

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.