November 21, 2019

Deep Offshore Act: ExxonMobil allays fear over capital flight


ExxonMobil staff

ExxonMobil staff

By Ediri Ejoh

Chairman/ Managing Director of ExxonMobil in Nigeria, Mr. Paul McGrath, has stated that the Nigerian petroleum industry and the economy in general, remained an attractive destination for investment, irrespective of the signing of the amended Deep Offshore (and Inland Basin Production Sharing Contract) Act into law.

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In a statement through the Special Adviser on Media to the Minister of State for Petroleum Resources, Mr. Garba Deen Muhammad, McGrath, who also doubles as the Chairman of the Oil Producers Trade Section (OPTS) of the Lagos Chamber of Commerce and Industries (LCCI), stated this when he visited the minister, Chief Timipre Sylva, in Abuja.

Specifically, McGrath assured that ExxonMobil would continue to deepen its partnership with the Federal Government of Nigeria, while he expressed optimism that the relationship with Nigeria would be profitable.

He pledged the commitment of his company to sustaining a good relationship with the Federal Government through the Ministry of Petroleum Resources while noting that “there is nobody who doesn’t want to invest in Nigeria.”

In his address, Sylva informed the ExxonMobil team that  although  the aim of the Nigerian Government was to attract more investors in the oil and gas sector,  it was careful to ensure that was not done at the expense of the long-term relationship that has been built over the years with existing investors.

He added that the recently assented Bill that amended the Deep Offshore (and Inland Basin Production Sharing Contract) Act was necessary in light of the recognition of the current realities in the sector.

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He applauded the partnership between ExxonMobil and Nigeria, while stating that “as partners in progress, frequent collaboration was important.”

He encouraged ExxonMobil and other oil firms to always endeavour to ensure full representation at state events that will further cement the partnership.