ExxonMobil’s Owowo field targets 1bn barrels of oil
Mobil Producing Nigeria Unlimited says the discovery on its Owowo oil field in the Niger Delta is projected to hold over one billion barrels of crude oil reserves.
This development, according to the multi-national oil company, could have significant positive impact on national economy, as it would create employment opportunities for Nigerians and increase national revenue if the right regulatory and operating environment is in place.
It also said it demonstrates ExxonMobil’s confidence in the growth potential of the country despite shrinking investments in upstream operations.
The company further said its Erha North Phase II is delivering an additional 65,000 b/d of crude to Nigeria.
The cost savings to government of the project, which started five months earlier was $400 million under budget, while $2 billion local investment is projected for goods and services.
The company said stakeholder collaboration is required to ensure business sustainability for continued value creation for all and to ensure meaningful impact of International Oil Companies on the nation’s economy.
“Threats, abduction of contractors, blockades and protests pose a risk to our operations and impact our ability to generate revenue for the state, as well as our social investments.
“ExxonMobil’s long term business outlook and investments can remain positive only if all stakeholders genuinely collaborate towards maintaining an atmosphere that is conducive for business, “it said.
Meanwhile, the company has announced the appointment of Mr. Paul McGrath as the new Chairman and Managing Director effective March 1, 2017.
It said in a statement that McGrath will succeed Mr. Nolan O’Neal, who has elected to retire after 34 years of service.
McGrath was most recently a senior executive in charge of project execution for ExxonMobil Development Company, based in Houston, Texas.
He joined ExxonMobil in 1999 and has held a variety of technical and managerial positions in upstream and downstream operations while working in the UK, Korea, Qatar, Australia and the US.