From education to economic empowerment, health, infrastructure provision and human capacity development, ExxonMobil has demonstrated its commitment to supporting communities in diverse ways.
At ExxonMobil, we are at the heart of the Nigerian economy. ExxonMobil upstream subsidiaries power the economy of our neighboring communities as well as that of the nation with significant investments and financial commitments to economic growth. One of such investments is the new Owowo oil field discovery which is projected to boost Nigeria’s crude oil reserves by 1 billion barrels, with a potential earnings of over N3 trillion, in addition to various direct and indirect employment opportunities for Nigerians.
At ExxonMobil, we are one with Nigeria and we have continually demonstrated this through our partnerships with think-tanks and thought leadership platforms such as the Lagos Business School Breakfast Club, Nigeria Economic Summit Group (NESG), Society of Petroleum Engineers (SPE), National Association of Petroleum Explorationist (NAPE) and the Nigeria Oil and Gas conference (NOG), amongst others to drive conversations and policies aimed at promoting growth of the Nigerian economy.
2017 Nigeria Oil and Gas Conference
ExxonMobil affiliates participated in the 2017 Nigeria Oil and Gas Conference in Abuja, using the opportunity to present the project successes of the previous year, and the potential benefits those projects could bring to Nigeria.
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Erha North Phase 2 Successes
The Erha North Phase 2 project is a deepwater subsea development located 60 miles offshore Nigeria in 3,300 feet of water and four miles north of the Erha field, which has been producing since 2006. The project, which was completed five months ahead of schedule and under budget is estimated to develop an additional 65,000 barrels of oil per day at peak production.
The project’s ahead-of-schedule startup was supported by strong performance from Nigerian contractors, which accounted for more than $2 billion of project investment for goods and services, including subsea equipment, facilities and offshore installation, which brought direct and indirect benefits to the Nigerian economy through project spending and employment.
Owowo field discovery
The successes recorded by ExxonMobil on the Erha North Phase 2 project could be replicated in its recently discovered Owowo field given the right operating environment. The Owowo field, offshore Nigeria has a potential recoverable resource of up to 1 billion barrels of oil and N3 trillion in potential revenue to Nigeria.
The Owowo oil field has the potential to provide several new employment opportunities for Nigerians once production begins. The implication of this is increased revenue to the Nigerian government in form of taxes and royalties, as well as a boost to the national economy.
In recognition of its contributions to the development of Nigeria’s economy, ExxonMobil received the award for ‘Excellence in Oil and Gas Industry’ at the 2017 Nigeria Oil and Gas Conference in Abuja. The award was given during a dinner event hosted by the Nigerian National Petroleum Corporation (NNPC).