Exxon Plans $3 bn Investment in Nigerian Gas Sector

ExxonMobil plans to invest close to $3 billion in Nigerian natural gas sector.

The message was conveyed by Nolan 0’ Neal chairman & managing director, ExxonMobil upstream and affiliates in Nigeria to President Muhammadu Buhari, BusinessDay reported Monday.

O’Neal informed the President that even though the company’s investment drive is laudable, the challenge for the government is to create a commercial environment that encourages the development of gas utilisation projects to benefit all stakeholders.

He further noted that under the aegis of World Bank Global Gas Flaring Reduction Partnership (GGFR) Exxon is working on efforts to identify and implement economically feasible alternatives to gas venting and flaring.

“ExxonMobil is also a member of the GGFR and is actively engaged in this partnership’s efforts,” BusinessDay quoted O’Neal as saying.

In Nigeria, Exxon is the operator of Erha field which is estimated to have gas reserves in the region of over 200 billion standard cubic feet.