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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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EU approves 150-billion-euro loan scheme to rearm EU countries on Tuesday formally approved a new 150-billion-euro loan programme to help rearm in the face of Russia and worries over US reliability, according to the Polish presidency of the bloc. The borrowing programme is part of a package of measures including loosening budget rules that Brussels says could potentially unlock 800 billion euros of defence |
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Adesina: How I Raised AfDB’s Capital from $93bn to $325bn Emmanuel Addeh in Abuja and Nume Ekeghe in Abidjan President of the African Development Bank (AfDB), Akinwunmi Adesina, who is stepping down from the position after a decade of |
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NGX Market Capitalisation Crosses N70trn Mark on Demand for Airtel, Others Kayode Tokede The market capitalisation of the Nigerian Exchange Limited (NGX), yesterday crossed the N70 trillion mark, over investors demand for Airtel Africa Plc, and 35 others stocks.  Airtel |
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Court Empowers Employees to Seek Redress for Non-Remittance of Their Pension Contributions Ebere Nwoji Employers who fail to remit or under-remit pension contributions of their employees  are strictly liable under Nigerian law, and face limited legal defenses when such matters are |
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How 30 NGX Listed Companies Paid FIRS, Others N919.5bn Tax in Q1 Kayode Tokede It has emerged that a total of 30 companies listed on the Nigerian Exchange Limited (NGX) paid the Federal Inland Revenue Service (FIRS), and other revenue agencies |
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Ghana’s economic reset hinges on stronger Public-Private Partnership – President President John Dramani Mahama Monday underscored the need for deeper collaboration between the public and private sectors to drive Ghana’s economic recovery and long-term transformation.The post Ghana’s economic reset hinges on stronger Public-Private Partnership – President appeared first on Ghana Business |