ExxonMobil Unveils $10 Billion Deep-Water Investment in Nigeria at UNGA 79
At the 79th United Nations General Assembly in New York, ExxonMobil announced a $10 billion investment in Nigeria’s deep-water oil operations, signaling renewed confidence in the country’s investment climate under President Bola Tinubu’s administration. This significant development emerged during a meeting between Nigeria’s Vice President, Kashim Shettima, and ExxonMobil executives.
The Vice President hailed the investment as a major milestone aligned with the Federal Government’s economic reforms, which aim to foster a more business-friendly environment in Nigeria. “This demonstrates our commitment to streamlining bureaucratic processes, enhancing transparency, and creating fiscal incentives to attract global capital,” Shettima said.
Shane Harris, ExxonMobil’s Chairman and Managing Director of Nigerian operations, highlighted the Owo project, a $10 billion subsea tie-back initiative, as central to the company’s deep-water strategy. In addition, ExxonMobil plans to invest $1 billion annually in maintenance and expand production by 50,000 barrels per day through a $1.5 billion initiative, despite ongoing divestment from onshore assets.
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In related news, DP World, a global maritime leader, has proposed a multibillion-dollar port project in Nigeria. Sultan Ahmed bin Sulayem, DP World’s CEO, expressed optimism about Nigeria’s potential to become a major player in Africa’s logistics sector.
Both projects underscore President Tinubu’s drive to attract foreign investment, particularly in energy and infrastructure, as the government remains committed to creating a supportive environment for economic growth.
Source: Global Financial Digest
