ExxonMobil to Boost Investments in Nigeria’s Oil and Gas Sector

The managing director of ExxonMobil, Mr Shane Harris has affirmed that the company is willing to sustain investment in Nigeria’s oil and gas sector.

Harris dropped this hint when he paid a working visit to the chief executive of the Nigerian Upstream Petroleum Regulatory Commission, Engr Gbenga Komolafe to discuss issues regarding the development of the industry.

The meeting focussed on various issues on how to further unlock the potential of the oil and gas industry in Nigeria.

During the meeting, which was attended by the Country Chairperson, ExxonMobil, Adesua Dozie, the ExxonMobil MD assured the NUPRC boss of further investments in the Nigerian Upstream industry.

This, according to him, would be achieved through leveraging the re-engineered processes and incentives.

Komolafe listed the areas of mutual interest including the development of Nigeria’s frontier basins and the integration of innovative technologies to enhance exploration and production efficiencies.

The frontier basins hold promise for increasing Nigeria’s hydrocarbon production and they include the Anambra, Benue Trough (Lower, Middle, Upper), Chad (South-Eastern sector), Dahomey, Bida (Mid-Niger), Sokoto, and Deep/Ultra-deep offshore.

Nigeria is aiming to increase its reserves from 37 billion barrels to 50 billion barrels, in the short to medium term, as well as increase its proven gas reserves from about 209 trillion cubic feet (tcf) to about 250 tcf.

Apart from increasing its reserves, the government, through the NUPRC has also launched more bid rounds to ramp up crude oil production as well as guarantee energy sufficiency for the country.

Exploration of oil and gas in the frontier basins is at the centre of Nigeria’s quest to increase its oil and gas reserves.

The significance of the basins is that they are new sources of oil and gas revenue for Nigeria, with the potential for natural gas reserves for domestic use and export.

The NUPRC is responsible for overseeing frontier basin exploration through regulations, and the basins are seen as a way to ensure Nigeria’s long-term energy security and economic growth.