• Login
  • Register
Nairametrics
  • Home
  • Exclusives
    • Financial Analysis
    • Corporate Stories
    • Interviews
    • Investigations
    • Metrics
    • Economy
    • Nairalytics
  • Markets
    • Currencies
    • Cryptos
    • Commodities
    • Equities
      • Company Results
      • Dividends
      • Stock Market
    • Fixed Income
    • Market Views
    • Securities
  • Sectors
    • Agriculture
    • Aviation
    • Company News
    • Consumer Goods
    • Corporate Updates
    • Corporate deals
    • Corporate Press Releases
    • Energy
    • Entertainment
    • Financial Services
    • Health
    • Hospitality & Travel
    • Manufacturing
    • Real Estate and Construction
    • Renewables & Sustainability
    • Tech News
  • Business News
    • Budget
    • Public Debt
    • Funds Management
    • Tax
  • Financial Literacy
    • Career tips
    • Personal Finance
  • Lifestyle
    • Billionaire Watch
    • Profiles
  • Opinions
    • Blurb
    • Op-Eds
    • Research Analysis
  • Recapitalization
    • Access Holdings Offer
    • Fidelity Bank Offer
    • GTCO Offer
    • Zenith Bank Offer
  • Home
  • Exclusives
    • Financial Analysis
    • Corporate Stories
    • Interviews
    • Investigations
    • Metrics
    • Economy
    • Nairalytics
  • Markets
    • Currencies
    • Cryptos
    • Commodities
    • Equities
      • Company Results
      • Dividends
      • Stock Market
    • Fixed Income
    • Market Views
    • Securities
  • Sectors
    • Agriculture
    • Aviation
    • Company News
    • Consumer Goods
    • Corporate Updates
    • Corporate deals
    • Corporate Press Releases
    • Energy
    • Entertainment
    • Financial Services
    • Health
    • Hospitality & Travel
    • Manufacturing
    • Real Estate and Construction
    • Renewables & Sustainability
    • Tech News
  • Business News
    • Budget
    • Public Debt
    • Funds Management
    • Tax
  • Financial Literacy
    • Career tips
    • Personal Finance
  • Lifestyle
    • Billionaire Watch
    • Profiles
  • Opinions
    • Blurb
    • Op-Eds
    • Research Analysis
  • Recapitalization
    • Access Holdings Offer
    • Fidelity Bank Offer
    • GTCO Offer
    • Zenith Bank Offer
Nairametrics
No Result
View All Result
Home Business News

ExxonMobil not planning to exit Nigeria – Kachikwu

Bamidele Samuel Adesoji by Bamidele Samuel Adesoji
April 14, 2019
in Business News, Company News, Politics
DR. IBE KACHIKWU’S TWEETCHAT WITH NAIRAMETRICS

Dr. Ibe Kachikwu Minister of State, Petroleum Resources

Share on FacebookShare on TwitterShare on Linkedin

The Nigerian Minister of State for Petroleum Resources, Dr. Ibe Kachikwu, has reportedly disclosed that no International Oil Company (ICO) is planning to exit Nigeria.

Kachikwu reportedly stated this while fielding questions from newsmen after visiting the ExxonMobil Erha Floating Production Storage and Offloading vessels (FPSO) facility today in Lagos.

“I have confirmed that it is not true, there are going to be here for a long stay, they will be here over the next 50 years, they are looking for more, they are doing all kinds of things, they just begun the exploration campaign first time in four years because of the new cash call policies we put in place.

“That is not a sign of somebody who is exiting. But different from not exiting is to be aggressive. ExxonMobil needs to be more aggressive in terms of development policies.’’ -Kachukwu

An earlier report had claimed that ExxonMobil  was looking to divest its business in Nigeria and focus on new developments in U.S shale and Guyana.

RelatedStories

Ojulari unveils NNPC’s $60bn investment drive, eyes 3mbpd crude production by 2030 

Ojulari unveils NNPC’s $60bn investment drive, eyes 3mbpd crude production by 2030 

April 18, 2025
NNPC’s New Board and CBN’s Reserve Truth | Drinks and Mics

NNPC’s New Board and CBN’s Reserve Truth | Drinks and Mics

April 5, 2025

Meanwhile, Mr. Richard Laing, an Executive Director at ExxonMobil, commended the minister for making out time to visit the facility. He also reiterated that the company has no plans to exit Nigeria.

“We are happy with Nigeria, We have our differences, we don’t agree on everything. we are happy and content. We are delighted over the minister’s visit and we are happy that he has come back to his spiritual home.”

PRESS STATEMENT

Dr. @IbeKachikwu’s Latest Visit to ERHA FPSO Operated by @exxonmobil to Provoke Increased Crude Production and Unlock Gas in Nigeria

…@ExxonMobil_NG firmly debunks unsubstantiated rumor about the Organization’s exit from Nigeria.

Read: https://t.co/5z8vd7qgId pic.twitter.com/bRS3oqAloh

— Ministry of Petroleum Resources, Nigeria (@FMPRng) April 13, 2019

More Reasons why Oil Companies are not thinking of leaving the country 

The Minister of State for Petroleum Resources, Dr. Ibe Kachikwu, recently disclosed that Nigeria has enough crude reserves to last the country for the next 40 to 50 years. However, the Minister disclosed that gas was still laying underground, untapped.

Gas commercialization policy in place

The Minister further explained that a lot had been done under the gas commercialization policy, adding the LPG deployment had started in the country.

Similarly, the minister disclosed that the government had received submissions from all oil companies keying into the policy to help exit gas flare.

“It is a different thing from dealing with gas development itself.  There are many ways to stop flare, you can inject it and that is what has helped us achieved about 70 percent factor in gas flare exit but that is not real exit, that is, manage the exit.

“For you to exit it, you must have the right commercial terms so that people can produce gas and make it commercial.”

Erha FPSO is an investment worth $3.5 billion

The fields which are reportedly located 97km offshore Nigeria, in water depths ranging from 1,000m to 1,200m, is estimated to have been developed with an investment worth of $3.5 billion.

The FPSO is a floating vessel which produces and processes hydrocarbons for the storage of oil, used by offshore oil and Gas industry.

Erha FPSO reportedly has a liquid storage capacity of 2.2 million barrel, making it one of its biggest kind in the world. Also, the Erha field and Erha North satellite field was completed in 2006.

More opportunities in Nigeria’s Oil and Gas Sector – about 41 billion barrels of oil reserves

Recall, the Group Managing Director of the Nigerian National Petroleum Corporation (NNPC), Maikanti Baru, recently disclosed that after more than six decades of oil production, Nigeria still has over 41 billion barrels of crude oil reserves untapped. Also, the NNPC boss stated:

“In Nigeria, NNPC is currently drilling Kolmani River-II Well in the Benue Trough, one of Nigeria’s several frontier inland Basins, with about 400 billion cubic feet of gas expected to be encountered.”– Baru

In agreement to this, Kachikwu stated that gas would be a parallel income stream for the country if everyone key into implement the gas commercialization policy.

“There is so much we can do with oil, we are doing that. I like to see oil go up in barrels, up to 3 million barrels but most importantly, I like to see gas begin it life.

“If you look at the production, a lot of gas is being rejected. And everybody is talking of gas in the country and gas is going to be parallel income stream for the country.”


Follow us for Breaking News and Market Intelligence.
Tags: Exxon MobilNNPC
Bamidele Samuel Adesoji

Bamidele Samuel Adesoji

Samuel is an Analyst with over 5 years experience. Connect with him via his twitter handle

Related Posts

Ojulari unveils NNPC’s $60bn investment drive, eyes 3mbpd crude production by 2030 
Energy

Ojulari unveils NNPC’s $60bn investment drive, eyes 3mbpd crude production by 2030 

April 18, 2025
NNPC’s New Board and CBN’s Reserve Truth | Drinks and Mics
Digital Media

NNPC’s New Board and CBN’s Reserve Truth | Drinks and Mics

April 5, 2025
Meet Bayo Ojulari: Former Managing Director Shell appointed CEO of NNPC
Energy

Meet Bayo Ojulari: Former Managing Director Shell appointed CEO of NNPC

April 2, 2025
Petrol price, NNPCL, PMS
Breaking News

Petrol price rises to N970 per litre at filling stations

March 30, 2025
Why fuel subsidy removal cannot wait any longer - energy expert
Business News

Marketers dismiss fuel scarcity fears, urge Nigerians to avoid panic buying 

March 26, 2025
NASENI partners Energy firm for manufacturing, distribution of CNG kits in Nigeria 
Energy

NASENI partners Energy firm for manufacturing, distribution of CNG kits in Nigeria 

March 24, 2025
Next Post
FBNH

FBN Holdings Plc reports 31.4% growth in profit after tax for the year ended December 31, 2018

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Emple
nlng
first bank








DUNS

Recent News

  • World Bank: Mobile money fuels record financial inclusion in Nigeria, other developing economies in 2024 
  • Larry Ellison, Jensen Huang are $11.6 billion richer in 24 hours 
  • Appeal Court reverses N579bn Stamp Duty payment to Kasmal Services in CBN’s favor 

Follow us on social media:

Recent News

List of 18 mobile money operators in Nigeria insured by NDIC

World Bank: Mobile money fuels record financial inclusion in Nigeria, other developing economies in 2024 

July 16, 2025
Billionaire and Oracle co-founder, Larry Ellison

Larry Ellison, Jensen Huang are $11.6 billion richer in 24 hours 

July 16, 2025
  • iOS App
  • Android App
  • Contact Us
  • Home
  • Markets
  • Sectors
  • Economy
  • Business News
  • Financial Literacy
  • Disclaimer
  • Ads Disclaimer
  • Copyright Infringement

© 2025 Nairametrics

Welcome Back!

Login to your account below

Forgotten Password? Sign Up

Create New Account!

Fill the forms below to register

All fields are required. Log In

Retrieve your password

Please enter your username or email address to reset your password.

Log In
Social Media Auto Publish Powered By : XYZScripts.com
No Result
View All Result
  • Home
  • Exclusives
    • Financial Analysis
    • Corporate Stories
    • Interviews
    • Investigations
    • Metrics
    • Economy
    • Nairalytics
  • Markets
    • Currencies
    • Cryptos
    • Commodities
    • Equities
      • Company Results
      • Dividends
      • Stock Market
    • Fixed Income
    • Market Views
    • Securities
  • Sectors
    • Agriculture
    • Aviation
    • Company News
    • Consumer Goods
    • Corporate Updates
    • Corporate deals
    • Corporate Press Releases
    • Energy
    • Entertainment
    • Financial Services
    • Health
    • Hospitality & Travel
    • Manufacturing
    • Real Estate and Construction
    • Renewables & Sustainability
    • Tech News
  • Business News
    • Budget
    • Public Debt
    • Funds Management
    • Tax
  • Financial Literacy
    • Career tips
    • Personal Finance
  • Lifestyle
    • Billionaire Watch
    • Profiles
  • Opinions
    • Blurb
    • Op-Eds
    • Research Analysis
  • Recapitalization
    • Access Holdings Offer
    • Fidelity Bank Offer
    • GTCO Offer
    • Zenith Bank Offer
  • Login
  • Sign Up

© 2025 Nairametrics