ExxonMobil aims to inject $2.5 billion per year into maintenance and production.
The Chairman and Managing Director of ExxonMobil Affiliates in Nigeria, Mr. Shane Harris, has said that ExxonMobil plans to invest ten billion dollars in its Owo project in Nigeria, which is a major subsea connection project.
Harris, who made the disclosure during a high-level meeting between ExxonMobil executives and Nigeria’s Vice President, Kashim Shettima, on the sidelines of the 79th session of the United Nations General Assembly (UNGA) in course in New York, USA, reaffirmed the company’s commitment to investing in Nigeria.
« Our commitment to Nigeria remains unwavering. As we celebrate 70 years of oil production and eight billion barrels produced, we are not going backwards but refocusing our investments on deepwater opportunities. We are working closely with the Office of the President and the Special Advisor to the President to secure favorable tax agreements that will make this important investment possible ” Harris said.
He added that despite the planned sale of its onshore assets to Seplat Energy, ExxonMobil aims to inject $1 billion per year into maintenance operations and an additional $1.5 billion to increase production by 50,000 barrels per year. updated over the next few years.
In response, the Nigerian vice president said ExxonMobil’s plan to invest $10 billion in Nigeria’s deep-water oil operations is a clear testament to the government’s economic reforms and investment-friendly policies.
« 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 “, he said.
According to the statement by the spokesperson for the Nigerian Vice President, Mr. Stanley Nkwocha, Shettima assured that the Nigerian government’s Renewal of Hope agenda places strong emphasis on ease of doing business.
« We have initiated comprehensive reforms to streamline bureaucratic processes, improve transparency and provide tax incentives that make Nigeria an attractive destination for global investors “, he added.
Highlighting recent policy changes by the Nigerian government, the Vice President said: “ Our administration has taken bold steps to unify the exchange rate, remove fuel subsidies, and implement tax reforms. These decisions, while difficult in the short term, are designed to create a more stable and predictable business environment in the long term. »
Addressing specific concerns from the oil and gas sector, he said: “ We are actively working on revising the fiscal framework for deep-water operations. Our goal is to strike a balance between attracting investment and ensuring fair returns for the Nigerian people. ExxonMobil’s potential investment is a clear indication that we are moving in the right direction.»
« While we welcome ExxonMobil’s renewed commitment, we view this as a start. Our doors are open to all investors from various sectors. The message is clear: Nigeria is open for business and the administration of President Tinubu is your partner in progress “, he concluded.
GIK/fss/ac/APA
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