In a recent meeting with the Minister of State for Petroleum Resources (Oil), Senator Heineken Lokpobiri, ExxonMobil’s Managing Director, Shane Harris, has dispelled rumors of the oil major’s departure from Nigeria. Harris assured the minister that ExxonMobil is actively investing in the country’s energy sector and has no plans to leave.
According to sources, Harris expressed his confidence in the renewed relationship between ExxonMobil and the Nigerian government, citing significant new investments in the pipeline. The oil giant is said to be committed to working with the government to create a conducive environment for sustainable growth and development.
The meeting was reportedly a collaborative effort to strengthen ties between the two parties, with Lokpobiri reaffirming the federal government’s commitment to enhancing production and fostering a supportive environment for investors in the energy sector. The minister emphasized the importance of creating a thriving environment for all stakeholders, including international oil companies and independent operators.
Lokpobiri commended ExxonMobil for its commitment to Nigeria, stating that its planned investments are commendable and aligned with the nation’s objectives. The minister also expressed appreciation for the company’s willingness to work together with the government to ramp up production and maintain investor confidence.
ExxonMobil’s latest move marks a significant shift in its African operations. The company has been exploring options to divest its majority stake in Mobil Producing Nigeria Unlimited, a strategic asset that has been a cornerstone of its Nigerian portfolio. Initially, the deal was valued at $1.6 billion and was set to be sold to Seplat Energy Offshore Limited. However, Nigerian National Petroleum Company Limited has since exercised its right of first refusal, putting the sale on hold and sparking uncertainty in the market.
The development has had significant implications for Nigeria’s oil output, with reports suggesting that the country may have lost around $30 billion in the past two and a half years due to the unsuccessful divestment. The country is also said to have lost approximately 480,000 barrels of crude oil per day since the crisis began.
Despite these challenges, ExxonMobil remains committed to Nigeria, with Harris expressing his excitement about the prospects brought by new investments in the country’s energy sector. The company’s commitment is seen as a major boost for Nigeria’s oil industry, which has faced numerous challenges in recent years.
