The Chairman and Managing Director of ExxonMobil Affiliates in Nigeria, Shane Harris, has announced plans to invest $10 billion in the country’s deep offshore. The investment, which is expected to create a significant economic impact, is part of the company’s strategy to refocus its efforts on deep-water opportunities.
Speaking during a meeting with Vice-President Kashim Shettima on the sidelines of the 79th session of the United Nations General Assembly (UNGA) in New York, Harris emphasized the company’s commitment to Nigeria, saying, “We’re not retreating but refocusing our investments on deep-water opportunities.” He highlighted the Owo project as a key part of this strategy, which is expected to represent a substantial $10 billion investment.
Despite plans to divest its onshore assets to Seplat Energy, ExxonMobil is committed to injecting $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. This increased investment is expected to have a positive impact on Nigeria’s oil production and revenue.
The Vice-President of Nigeria, Kashim Shettima, welcomed the investment, describing it as a testament to the administration’s economic reforms and investment-friendly policies. “This potential investment by ExxonMobil aligns perfectly with President Bola Ahmed Tinubu administration’s vision for a more investment-friendly Nigeria,” he said. “We are committed to creating an enabling environment for such transformative projects.”
The investment is expected to have a significant impact on Nigeria’s economy, creating jobs and stimulating economic growth. The country’s oil industry has been a major contributor to its economy, and this investment is expected to help maintain its position as a major player in the global energy market.
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