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ExxonMobil Plans $10bn Investment in Nigeria
• Militants vacate Shell, Chevron flowstations From Mike Oduniyi in Port Harcourt, 12.08.2004
US oil major, ExxonMobil, has said it would invest about $10 billion (N1.33 trillion) in Nigeria's petroleum sector over the next five years, to raise its crude oil production to 1.0 million barrels per day (bpd) and end gas flaring from its fields. Speaking at the commissioning of the Subsea System Integration Test (SIT) Centre in Port Harcourt, the Chairman and Managing Director of ExxonMobil Companies in Nigeria, Mr. John Chaplin, said that of the total $10 billion investment outlay, $3 billion would be invested in projects aimed at ending gas flares by the year 2006, another $3 billion to develop new deep offshore fields, while $1 billion would go into funding joint venture projects with the Nigerian National Petroleum Corporation (NNPC). "We plan to end gas flaring from our fields by 2006 compared to the government's deadline of 2006, and to raise production to some 1.0 million bpd," said Chaplin. The company currently produces 600,000 bpd, to rank second behind Shell, as Nigeria's biggest oil producer. The SIT Centre is for the testing of all subsea facilities and equipment for the $2.6 billion Erha deep offshore field. According to Chaplin, the centre is the first of its kind not only in Nigeria, but in the whole of West Africa, adding that setting up the facilities was part of the company's objective to promote technology transfer and increase local content. "This is the first subsea SIT to be performed in West Africa and it will serve as a regional facility for future subsea SITs and subsea work for deepwater development projects," he said. The Erha oil field, located in Oil Prospecting License (OPL) 209 and operated by ExxonMobil subsidiary, Esso Exploration and Production Nigeria Limited, will raise Nigeria's crude oil production by 150,000 bpd and reserves by 560 million barrels when it comes on stream by first quarter of 2006. Also speaking at the commissioning ceremony, NNPC Group Managing Director, Engr. Funsho Kupolokun, reaffirmed government's commitment to raise local content in the oil and gas industry to 45 percent by 2006, and commended Mobil for demonstrating the willingness to cooperate with the government in achieving this objective. According to Kupolokun, having provided the enabling environment through deliberate policies, the Federal Government expects support from operators for the transformation, which aims to impact positively on the lives of Nigerians. "We in the NNPC have always maintained that developing Nigerian content in oil and gas industry is an achievable goal," said Kupolokun. "The trust of the transformation process currently going on in the oil industry in Nigeria aims at building capacity in all aspects of oilfield development. One way the service companies can support this process is by ensuring meaningful training and involvement of Nigerians in their operations," he added. Meanwhile, youths from the Kula community in Rivers State, who were clamouring for better deal from oil companies operating in the area, have vacated the three oil flowstations they had forcefully taken over since Sunday. Shell and Chevron officials confirmed to THISDAY yesterday that the youths, numbering about 200, had vacated the facilities by morning of yesterday, following the intervention of the Rivers State Government. According to Chevron spokesman, Mr. Femi Odumabo, negotiations with the youths will commence today, where the demands of the communities are expected to be officially tabled at the meeting brokered by the Rivers State Government. Oil production from the flowstations totaling 100,000 bpd, which was halted since Sunday when the rampaging youths seized the facilities, was however, yet to resume. The oil companies said the priority now was to resolve the grievances of the youths. Oil prices, which had been on the downward trend since last week to the relief of consumers, rose on Monday following the cut in Nigeria's production and signs that the Organisation of Petroleum Exporting Countries (OPEC) might slash its production quota when it meets later this week.
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