ExxonMobil’s Exit from Nigeria: What It Means for Global Energy Dynamics

The Managing Director of ExxonMobil Nigeria, Shane Harris, has refuted speculations regarding the company’s departure from Nigeria, affirming new investments in the oil and gas industry.
Harris disclosed this during his meeting with Senator Heineken Lokpobiri, Minister of State for Petroleum Resources (Oil), in Abuja.
In a statement by Nneamaka Okafor, Special Assistant on Media and Communications to the petroleum minister, Harris expressed optimism in the revitalized bond between ExxonMobil and the Nigerian government.
“We are enthusiastic about the opportunities presented by these fresh investments. Our alliance with the Nigerian government is vital for sustainable progress, and we anticipate maintaining our cooperation as we have no intention of exiting,” stated Harris.

Lokpobiri praised ExxonMobil’s dedication, aligning it with the nation’s goals. The minister reiterated the government’s commitment to boosting production and creating a favorable environment for investors.
The deliberations also centered on providing assistance to international and independent oil companies, with Lokpobiri guaranteeing government backing to ExxonMobil.
This development comes after the resolution of the dispute between NNPC and ExxonMobil, which had obstructed the sale of ExxonMobil’s assets to Seplat Energy.
This settlement could potentially result in a rise of 480,000 barrels in Nigeria’s daily crude oil production.
Lokpobiri pointed out that Nigeria had incurred a $30 billion loss in the last two and a half years due to the unsuccessful asset divestment.