American multinational oil and gas corporation ExxonMobil is targeting a new production of nearly 40,000 barrels per day (bpd) in its Nigerian operations in phase one of a new investment push in the country.
Liam Mallon, President of Global Upstream Operations at ExxonMobil, disclose this in New York at a delegation meeting where President Bola Tinubu played host.
In a statement signed by Ajuri Ngelale, Special Adviser to the President on Media and Publicity, Mallon assured President Tinubu that he is aware of the new and personal commitment that the President is bringing to bear on behalf of Nigeria and is well placed to reciprocate the President’s efforts with new investment.
“What you told us was that your team would collaborate with us, and that has proven true. We have made significant progress since we last met. We are growing our production, and we are working hard on expanding in the deepwater production. We appreciate your efforts, and we will respond in kind. The time is right,” the ExxonMobil President said.
ExxonMobil produces Qua Iboe from numerous offshore fields and exports through the Qua Iboe Terminal. The oil major, as field operator, holds 40 percent interest in the field production mix, with the Nigerian National Petroleum Company (NNPC) Limited having the remaining 60 percent.
According to the release, President Bola Tinubu said that Nigeria is no longer settling for crumbs and leftovers on the investment agenda of the world’s most prolific energy conglomerates, saying “Nigeria has never been more ready for business than it is now.”
He said that, following an illustrious private sector career as a professional accountant in the oil and gas industry, he has proven his capacity to take difficult decisions as President and is best prepared to solve problems and crush all bottlenecks standing in the way of new and large-scale capital flowing into Nigeria’s oil & gas industry.
“The knotty issues require direct supervision on my part. Despite many contending obligations, I will sit down and oversee the process of removing these encumbrances to job and wealth creation for the Nigerian people,” the President said. “We know the industry. We grew up in it. We are positioned to solve the problems, and we are pragmatic, and we will solve the problem.”