By Africa.com | Created at 2024-09-27 09:51:08 | Updated at 2024-09-30 05:18:19
2 days ago
ExxonMobil will make a $10 billion investment in Nigeria’s offshore oil sector as part of a renewed push in the West African country, despite its recent decision to sell its onshore assets to Seplat Energy and downsize its operations in the country. This investment, revealed by Nigeria’s Vice President Kashim Shettima during the 79th United Nations General Assembly, will center on the Owo project, a significant deep-water subsea tie-back, which links subsea oil wells to existing infrastructure. ExxonMobil also plans to inject $1 billion annually into maintenance operations as well as an additional $1.5 billion to boost production by 50,000 barrels per day in the next few years. According to Shettima, the investment aligns with the administration’s goal of fostering a more investment-friendly environment. The announcement comes on the back of recent progress in the country’s oil industry, including a 10.15% rise in oil production in the second quarter of 2024.
SOURCE: BUSINESS INSIDER
