ExxonMobil Recommits to Nigeria with New Investments

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ExxonMobil, a leading American oil and gas company, has reaffirmed its commitment to Nigeria’s energy sector with plans for significant new investments.  This news comes amidst previous speculation about ExxonMobil’s future in the country.

During a recent meeting with Heineken Lokpobiri, Nigeria’s Minister of State for Petroleum Resources (Oil), ExxonMobil’s managing director, Shane Harris, emphasized the company’s renewed focus on Nigeria.

“We are excited about the prospects these new investments bring,” Harris said in a statement. “Our partnership with the Nigerian government is crucial for sustainable growth, and we look forward to continuing our collaboration.”

Minister Lokpobiri welcomed ExxonMobil’s renewed commitment, highlighting its alignment with Nigeria’s energy goals. He also emphasized the government’s support for all investors in the sector.

“ExxonMobil’s planned investments are commendable and greatly appreciated,” Lokpobiri said. “Our collaborative efforts are key to the sustainable growth of our energy sector. We are dedicated to creating a supportive environment for all investors.”

Renewed Partnership, Not Divestment

This news clarifies ExxonMobil’s position in Nigeria, following prior discussions about the sale of its stake in Mobil Producing Nigeria Unlimited (MPNU) to Seplat Energy. While the NNPC finalized a settlement agreement with ExxonMobil in June 2024, ExxonMobil is now looking to expand its presence in Nigeria’s energy sector, not exit

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