By Udeme Akpan, Energy Editor

Chairman and Managing Director of ExxonMobil Affiliates in Nigeria, Shane Harris, said ExxonMobil has concluded plans to invest $10 billion in Nigeria’s deep offshore.

Speaking during a high-level meeting with Vice-President Kashim Shettima on the sidelines of the 79th session of the United Nations General Assembly (UNGA) in New York, Harris stated: “Our commitment to Nigeria remains unwavering. As we celebrate 70 years of oil production and 8 billion barrels produced, we’re not retreating but refocusing our investments on deep-water opportunities.

 “The centerpiece of ExxonMobil’s new strategy is the Owo project, a substantial subsea tie-back that could represent a $10 billion investment.

“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.”

According to a statement from the company, Shettima described the investment as a testament to the administration’s economic reforms and investment-friendly policies.

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