ExxonMobil mulls new investment, says no plan to exit Nigeria

ExxonMobil, the American multinational oil and gas corporation, says there are no plans to exit Nigeria.

According to a statement on Monday, Shane Harris, ExxonMobil’s managing director and chief executive officer (CEO), spoke during a visit to Heineken Lokpobiri, Nigeria’s minister of state for petroleum resources (oil).

In February 2022, Seplat announced an agreement to acquire ExxonMobil’s 40 percent stake in Mobil Producing Nigeria Unlimited (MPNU) — but the divestment has since stalled.

During the meeting, according to a statement by Nneamaka Okafor, Lokpobiri’s spokesperson, Harris hinted at significant new investments that ExxonMobil plans to inject into Nigeria’s energy sector.

He expressed confidence in the renewed relationship between ExxonMobil and the Nigerian government, assuring that the oil giant is not planning to leave the country.

“We are excited about the prospects these new investments bring,” Harris said.

“Our partnership with the Nigerian government is crucial for sustainable growth, and we look forward to continuing our collaboration as we have no plan to leave.”

On his part, Lokpobiri commended ExxonMobil for its commitment, noting that it aligns perfectly with the country’s objectives.

“ExxonMobil’s planned investments are commendable and greatly appreciated. This renewed relationship is a testament to the mutual goals we share for the future of our energy sector,” he said.

Lokpobiri assured ExxonMobil of the government’s support, emphasising the importance of offering full support to the firm and other international oil companies (IOCS), “just as we do with independent operators”.

“Our collaborative efforts are key to the sustainable growth of our energy sector,” he added.

“We are dedicated to ramping up production and ensuring a supportive environment for all investors by doing everything possible to maintain investor confidence in our country.”

The minister stressed the importance of continued dialogue and partnership between the government and IOCs to drive innovation and growth in the sector.