ExxonMobil Reaffirms Commitment to Nigeria with New Investments
Paraphrased Article
ExxonMobil, a leading American oil and gas corporation, has affirmed that it will maintain its presence in Nigeria.
On Monday, Shane Harris, the managing director and CEO of ExxonMobil, shared this commitment during his visit to Nigeria’s minister of state for petroleum resources, Heineken Lokpobiri.
In the meeting, according to a statement by Nneamaka Okafor, Lokpobiri’s spokesperson, Harris revealed that ExxonMobil plans to make significant new investments in Nigeria’s energy sector.
Harris conveyed his positive outlook on the strengthened partnership with the Nigerian government, confirming that the company has no intentions of leaving Nigeria.
“These upcoming investments are promising,” Harris stated. “Our collaboration with the Nigerian government is vital for sustainable progress, and we are eager to continue this partnership without any plans to exit.”
Lokpobiri commended ExxonMobil’s dedication, highlighting that it aligns seamlessly with Nigeria’s strategic goals.
“ExxonMobil’s investment plans are highly commendable and very much welcomed. This revitalized relationship underscores our shared ambitions for the future of our energy industry,” he remarked.
Lokpobiri assured ExxonMobil of the government’s unwavering support, stressing the importance of backing the company and other international oil firms (IOCs), alongside independent operators.
“Our joint efforts are essential for the sustainable advancement of our energy sector,” he emphasized. “We are committed to boosting production and providing a conducive environment for all investors, ensuring they remain confident in our country.”
The minister emphasized the necessity of continuous dialogue and partnership between the government and IOCs to foster innovation and growth in the sector.
In February 2022, Seplat announced an agreement to purchase ExxonMobil’s 40 percent stake in Mobil Producing Nigeria Unlimited (MPNU), although the divestment process has since stalled.
By June 2024, the Nigerian National Petroleum Company (NNPC) Limited had reached a settlement with ExxonMobil Nigeria regarding the intended sale of its entire stake in Mobil Producing Nigeria Unlimited to Seplat Energy Offshore Limited.
Reuters had earlier suggested that ExxonMobil might be planning to leave Nigeria after reporting that the company is moving its staff from the 12-floor Mobil House, which it leased for $10 million annually, to a smaller six-floor office building in the upscale Ikoyi area, designed to accommodate half the personnel from the former offices.
