ExxonMobil Unveils 10 Billion Dollar Deep-Water Investment Plan In Nigeria.

Vice President Kashim Shettima has welcomed ExxonMobil’s proposed $10 billion investment in Nigeria’s deep-water oil operations, describing it as a clear testament to the administration’s economic reforms and investment-friendly policies.

This is coming just as the international maritime giant, DP World, has announced plans to develop a multibillion-dollar port project in Nigeria.

The Vice President revealed this on Wednesday during a high-level meeting with ExxonMobil executives on the sidelines of the ongoing 79th Session of the United Nations General Assembly in York, United States.

He said the potential investment by ExxonMobil aligns perfectly with the President Bola Ahmed Tinubu administration’s vision for a more investment-friendly Nigeria, declaring that Nigeria is committed to creating an enabling environment for such transformative projects.

Addressing the specific concerns of the oil and gas sector, the Vice President notes that the Tinubu administration is actively working on revising the fiscal framework for deep-water operations, noting that the goal is to strike a balance between attracting investments and ensuring fair returns for the Nigerian people

Chairman and Managing Director of ExxonMobil Affiliates in Nigeria, Shane Harris, reaffirmed the company’s commitment to investing in Nigeria.

Despite the planned divestment of its onshore assets to Seplat Energy, ExxonMobil aims to inject $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.

Meanwhile, the international maritime giant, DP World, has announced plans to develop a multibillion-dollar port project in Nigeria.

Sultan Ahmed bin Sulayem, Group Chairman & CEO of DP World, revealed the company’s intentions during a courtesy visit to Vice President Kashim Shettima on the sidelines of the ongoing United Nations General Assembly in New York.

The proposal comes as a direct response to President Tinubu’s aggressive investment drive and efforts to improve the ease of doing business in the country.