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| ExxonMobil targets $1.5 billion deepwater investment in Nigeria |
 ExxonMobil is raring to complete the process that will formalise a new $1.5 billion deepwater investment in Nigeria, and so has arranged for a final investment decision (FID) to be made at most by September.
The financial commitment to the project, to be developed in the Usan deepwater oilfield to the east of the Niger Delta, will run from the second quarter of the year through 2027 as oil majors operating in Nigeria continue to drift offshore after offloading onshore assets. ExxonMobil, which completed sale of its onshore and shallow water business to Seplat for $1.3 billion last year, already has a 30 per cent interest in the field. It holds the stake through an affiliate, Esso Exploration and Production Nigeria (Offshore East). “The company proposed FID in late Q3 2025 subject to final Field Development Plan approval as well as internal and Partner funding approvals,” the Nigerian Upstream Regulatory Commission said in a Facebook post late Tuesday. Powered by pixfuture “This is in addition to investment targeted at the accelerated development of the Owowo, Erha deepwater oil fields, amongst others,” it added, citing talks by Shane Harris, Exxon Mobil Nigeria’s CEO, with Gbenga Komolafe the regulator’s chief. Texas-based ExxonMobil is taking its chance at 10 strategic projects this year to help boost earnings by more than $3 billion in 2016 after Q1 net profit slid by 6.2 per cent year on year. Audience Feedback Survey Seeking out exploration and drilling opportunities to expand income streams is now an urgency for the supermajor as the global oil industry reels from the turmoil of a volatile market grappling with a supply build-up and shocks from Donald Trump’s tariff war. |
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London-bound plane with 242 on board crashes into doctors' housing in India A London-bound passenger plane crashed in the Indian city of Ahmedabad on Thursday and all 242 people on board were believed killed, with the jet smashing into buildings housing doctors and their families. Air India said there were 169 Indian passengers, 53 British, seven Portuguese, and a Canadian on board the flight bound for London |
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ArcelorMittal inaugurates world-class iron ore concentrator By Stephen G Fellajuah Yekepa, Nimba County, June 6, 2025: ArcelorMittal Liberia has commissioned the country’s first-ever world-class iron ore concentrator plant, marking a major milestone in the company’s Phase II expansion and a transformative step for Liberia’s mining sector. The inauguration ceremony took place on Thursday, June 5, 2025, in Tokadeh, Nimba County. It …The post ArcelorMittal inaugurates world-class iron ore concentrator appeared first on Liberia |
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Liberia launches Health Insurance Policy for Vulnerable Citizens In a move to expand healthcare access across Liberia, the Government has officially launched the country’s first health insurance policy for vulnerable citizens. By Kruah Thompson Monrovia, June 6, 2025: The policy, a pilot project, was unveiled at the Ministry of Information, Cultural Affairs, and Tourism’s (MICAT) weekly press briefing on Thursday, June 5, 2025. …The post Liberia launches Health Insurance Policy for Vulnerable Citizens appeared first on Liberia news |
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Boakai suspends import Tariff on Rice Executive Mansion, Monrovia, June 6 – President Joseph Boakai has issued an Executive Order suspending import tariffs on rice. Capitol Hill, June 6, 2025: A release from the Executive Mansion says the move is to ease the economic burden on Liberians and stabilize the price of rice. The Mansion in its release said, “Recognizing the …The post Boakai suspends import Tariff on Rice appeared first on Liberia news The New Dawn Liberia, premier resource for latest |
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Africa is losing $40b a year to illicit financial flows in the extractive sector Mr. Antonio Pedro, the Deputy Executive Secretary of the Economic Commission for Africa (ECA), has said that Africa is experiencing significant losses, estimated at around $40 billion annually, due to illicit financial flows (IFFs) in the extractive sector.The post Africa is losing $40b a year to illicit financial flows in the extractive sector appeared first on Ghana Business |
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Cedi appreciation will reflect on prices of goods and services overtime – stakeholders Representatives of traders and captains of industry have justified the slow pace in reduction of goods and services despite the relative stability of the cedi against the United States dollar and other major foreign currencies on the interbank trade market. The post Cedi appreciation will reflect on prices of goods and services overtime – stakeholders appeared first on Ghana Business |