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ExxonMobil announces $10 bln deep-water investment in Nigeria, to boost output 50,000 barrels per day

Written by silvernewsng

Photo: Vice President of Nigeria, Kashim Shettima shakes hands of investment with ExxomMobil CEO in Nigeria, Shane Harris

ExxonMobil has unveiled plans for a $10 billion investment in Nigeria’s deep-water oil operations, underscoring growing confidence in the country’s investment landscape under President Bola Tinubu’s administration.
The announcement was made during a high-level meeting between Vice President Kashim Shettima and ExxonMobil executives at the 79th United Nations General Assembly in New York
Vice President Shettima hailed the investment as a significant milestone aligned with the administration’s ongoing economic reforms.
“This investment demonstrates our commitment to fostering a more business-friendly Nigeria,” he said, emphasizing efforts to streamline bureaucratic processes, enhance transparency, and create fiscal incentives to attract global capital.
ExxonMobil’s Chairman and Managing Director of Nigerian operations, Shane Harris, reaffirmed the company’s long-term commitment, noting that the Owo project, a $10 billion subsea tie-back initiative, would be central to its deep-water strategy.
The company also plans to invest $1 billion annually in maintenance and boost production by 50,000 barrels per day through a $1.5 billion expansion, despite ongoing divestment from onshore assets.
In a parallel development, DP World, the international maritime giant, has proposed a multibillion-dollar port project in Nigeria.
The CEO of DP World, Sultan Ahmed bin Sulayem expressed confidence in Nigeria’s potential to become a dominant player in Africa’s logistics sector.
The initiative is part of a broader effort by President Tinubu to attract foreign investment and improve the ease of doing business.
Both initiatives signal a renewed focus on Nigeria as a key destination for global investment, particularly in energy and infrastructure sectors, with the government pledging continued support to facilitate growth.
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