It looks like the oil and gas industry in Nigeria will witness serious turn around as American multinational corporation, ExxonMobil, is set to invest heavily into the sector.
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ExxonMobil invests $3b into Nigerian gas sector
ExxonMobil is set to invest billions of dollars in the Nigerian oil and gas industry.
ExxonMobil will invest hugely in Nigeria's oil and gas industry
This message was conveyed by Nolan 0’ Neal, the Chairman and Managing Director, ExxonMobil upstream and affiliates in Nigeria to President Muhammadu Buhari.
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.
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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.
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