Shane Harris, Chairman and Managing Director of ExxonMobil Affiliates in Nigeria, announced that the company has finalized plans to invest $10 billion in Nigeria’s deep offshore sector. This declaration was made during a high-level meeting with Vice-President Kashim Shettima at the 79th session of the United Nations General Assembly (UNGA) in New York.
Harris emphasized ExxonMobil’s enduring commitment to Nigeria, highlighting that the company has celebrated 70 years of oil production and achieved a milestone of 8 billion barrels produced. He stated, “We’re not retreating but refocusing our investments on deep-water opportunities,” indicating a strategic pivot towards the Owo project. This substantial subsea tie-back project is expected to be the centerpiece of their new strategy and represents a significant financial commitment.
While ExxonMobil plans to divest its onshore assets to Seplat Energy, the company intends to invest $1 billion annually in maintenance operations and an additional $1.5 billion to enhance production by 50,000 barrels per day over the next few years.
Vice-President Shettima lauded the investment, describing it as a testament to the administration’s economic reforms and investment-friendly policies. He stated, “This potential investment by ExxonMobil aligns perfectly with President Bola Ahmed Tinubu’s administration’s vision for a more investment-friendly Nigeria. We are committed to creating an enabling environment for such transformative projects.”
The announcement marks a significant step for Nigeria’s oil and gas sector, as it seeks to attract more foreign investment and enhance its production capacity in the face of global energy demands.