Vice President Kashim Shettima has welcomed ExxonMobil’s proposed $10 billion dollar investment in Nigeria’s deep-water oil operations, describing it as a clear testament to the administration’s economic reforms and investment-friendly policies.
This is coming just as the international maritime giant, DP World, has announced plans to develop a multibillion-dollar port project in Nigeria.
According to the Senior Special Assistant to the President on Media & Communications, Stanley Nkwocha, the Vice President stated this during a high-level meeting with ExxonMobil executives and officials of DP World on the sidelines of the ongoing 79th session of the United Nations General Assembly in New York, United States.
The centrepiece of ExxonMobil’s new strategy is the Owo project, a substantial subsea tie-back that could represent a $10 billion investment, as it 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.