ExxonMobil to make new investments in Nigeria despite unresolved MPNU deal

Liam Mallon, the president of global upstream operations at ExxonMobil, said his company will be making new investments in Nigeria.

Mallon made the commitment after meeting with President Bola Tinubu on Tuesday, according to a statement by Ajuri Ngelale, the special adviser to the president on media and publicity.

Tinubu had met with international oil and gas stakeholders in New York, United States, to discuss his plan for the oil and gas industry.

Speaking during the meeting, Mallon said the investments will add almost 40,000 barrels per day to ExxonMobil’s production in the country.

Mallon told Tinubu that his company is working on expanding in deepwater production because the Nigerian government has kept to its promise to collaborate with ExxonMobil.

He said significant progress has been made since their last meeting.

Mallon and Adesua Dozie, an executive at ExxonMobil, met with Tinubu in Aso Rock in June.

“We appreciate your efforts, and we will respond in kind. The time is right. Thank you for your leadership,” the ExxonMobil president said.

Meanwhile, in the last two meetings between ExxonMobil and Tinubu, both parties did not discuss the Mobil Producing Nigeria Unlimited (MPNU) deal which was blocked by the Nigerian National Petroleum Company (NNPC) Limited.

ExxonMobil had agreed to sell its shares in MPNU to Seplat. The deal was expected to be finalised in the second half (H2) of 2022.

But Muhammadu Buhari, former president of Nigeria, withdrew his consent after a protest from the NNPC.

In June 2023, Seplat said the company was hoping that Tinubu would approve the deal.

However, nearly three months later, the acquisition is yet to be sealed.