ExxonMobil invests to improve deep-water operations in Nigeria

One of the largest oil and gas companies in the United States (US), ExxonMobil’s planned $10 billion investment in Nigeria’s offshore oil operations is intended to significantly improve deep-water operations and production.

Exxon said its investment was further proof of its unwavering commitment to Nigeria’s industry.

This commitment also reflects renewed confidence in Nigeria’s oil and gas sector, which is experiencing increased momentum with the revival of key projects such as the Brass and Olokola Liquefied Natural Gas (LNG) initiatives, spearheaded by the Nigerian National Petroleum Corporation (NNPC).

Already, ExxonMobil representatives have held extensive meetings with the government on this significant investment.

The Representative of ExxonMobil in Nigeria, Shane Harris, said: “We are working closely with the president’s office to secure favourable fiscal arrangement that will make this significant investment possible.

“Our commitment to Nigeria remains unwavering,” Mr Harris said.

NCDMB’s role

The Nigerian Content Development and Monitoring Board (NCDMB) is playing a pivotal role in this resurgence by driving Indigenous participation in the sector under its mandate through the NOGICD Act.

The board has facilitated significant capacity-building for local companies, enabling them to expand operations and export their expertise, products and services across Africa and beyond.

These developments align with President Bola Ahmed Tinubu’s vision of creating an investment-friendly Nigeria, focused on advancing local content, enhancing knowledge transfer, and boosting the participation of indigenous stakeholders in the oil and gas industry.

PNC forum

Further advancing the focus on local content, stakeholders will converge on the Nigeria Content Tower in Yenagoa, Bayelsa State for the 13th edition of the Practical Nigerian Content (PNC) Forum from December 2 to 5, 2024.

To be held on the theme: “Defining The Next Frontier for Nigerian Content Implementation”, the event will gather leaders, policymakers, regulators and industry stakeholders to discuss pressing issues and emerging opportunities in Nigeria’s energy sector.

Organised by dmg Nigeria Events and Levmora Services, the forum has facilitated critical conversations to deepen Nigerian content amid growing global energy demands.

Since its inception, the PNC Forum has served as the leading platform for addressing successes and challenges in implementing the NOGICD Act. 

This year, stakeholders will address pressing issues such as investment and financing challenges for offshore projects, opportunities under the African Continental Free Trade Area (AfCFTA), and strategies to enhance corporate social responsibility (CSR) through impactful community engagement.

Local content

The Portfolio Director for Africa at dmg Nigeria events, Wemimo Oyelana, emphasised the importance of local content in driving transformation within the sector.

“Nigerian Content must be at the heart of the transformations we see in the sector. At this year’s PNC, we anticipate robust conversations from industry leaders that will advance the implementation of Nigerian Content in the domestic gas utilisation space, increase country valourisation within the manufacturing sector, and promote capacity development as the bedrock of local content – all to meet energy demand for socio-economic development and growth,” Mr Oyelana said.