ExxonMobil To Invest $10bn In Nigerian Deep-Water Oil Operations

ExxonMobil To Invest $10bn In Nigerian Deep-Water Oil Operations

Vice President Kashim Shettima has announced ExxonMobil’s commitment to invest $10 billion in Nigeria’s deep-water oil sector. This significant move highlights the success of the Nigerian government’s economic reforms and its efforts to create an investment-friendly environment.

The announcement was made during a meeting with ExxonMobil executives at the 79th United Nations General Assembly in New York. The investment aligns with President Bola Tinubu’s administration’s strategy to ease business operations and attract global investors.

Shettima emphasized the administration’s dedication to simplifying bureaucratic processes, enhancing transparency, and offering fiscal incentives to encourage further investment. Notably, the reforms include unifying exchange rates, removing fuel subsidies, and implementing tax reforms, all aimed at stabilizing the business environment.

ExxonMobil’s investment centers on the Owo project, a major subsea tie-back expected to contribute significantly to Nigeria’s oil production. Additionally, the company plans to invest $1 billion annually in maintenance and $1.5 billion to increase production by 50,000 barrels per day.

This development came alongside DP World’s announcement of a multibillion-dollar port project in Nigeria, further solidifying the country’s position as a key destination for international investment.