ExxonMobil plans to invest $10 billion in Nigeria’s offshore oil operations, with a focus on developing its Owo deepwater project.
The American multinational also aims to invest $2.5 billion annually to boost production by 50,000 barrels of oil per day over the coming years, as well as maintain its current Nigerian operations.
The announcement follows a high-level meeting between ExxonMobil executives and Nigerian Vice President Kashim Shettima.
“This potential investment by ExxonMobil aligns perfectly with President Bola Tinubu’s administration’s vision for a more investment-friendly Nigeria,” said Vice President Shettima. “We are committed to creating an enabling environment for such transformative projects.”
“We are working closely with the office of Nigeria’s president to secure favorable fiscal arrangements that will make this significant investment possible,” said CEO of ExxonMobil Nigeria, Shane Harris.
