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ExxonMobil to commit $3bn to gas projects in Nigeria

US oil producing giant, ExxonMobil, says it is committing $3 billion to gas resource development in Nigeria.This sum is $1.2 billion higher than the $1.8 billion investments the company has committed to gas projects in the country in the last three decades.

Analysts have said this development will significantly boost electricity generation, encourage the sprouting of other anciliary businesses, including fertilizers, petrochemicals and methanol, leading to the creation of hundreds of job opportunities and the reduction of gas flaring.

The commitment was contained in the executive briefs of Nolan O’ Neal Chairman/Managing Director, ExxonMobil Upstream and Affiliates in Nigeria, when he visited President Muhammadu Buhari and assured him of the commitment of his company to the development and growth of the nation’s hydrocarbon industry as well as leading the industry’s effort towards end flaring through gas utilization and monetization of projects.

He further noted that the development of legislation and policies aimed at regulating and growing the domestic gas market would be greatly beneficial in meeting the goal of eliminating all non-routine gas flaring. He noted that the core challenge for the Federal Government is to create a commercial environment that encourages the development of gas utilization projects to benefit all stakeholders.

Source : energymixreport.com
Posted On: 8/3/2015 12:00:00 AM

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