ExxonMobil invests $1 billion in local content development
Determined to grow local capacity in line with the local content agenda, ExxonMobil Nigeria Unlimited has awarded projects worth over $1 billion (about N198 billion) to Nigerian firms in the last few years.
Indeed, the Managing Director and CEO, Exxon Mobil, O’Neil, said nothwitstanding the turbulent in in the oil market arising crude price slide, the company will embark on long term investment in Nigeria.
O’Neil, who made this commitment at the just concluded Nigerian Oil and Gas Conference (NOG) in Abuja said the company has made tremendous impact on Nigeria’s economy in the past 54 years of operation in the country and would continue to invest for many more years to come.
Besides, he noted the company is strategising overcome the present financial challenges posed by the sliding crude oil prices to ensure the realisation of its community development projects.
He said the company has implemented some benefitial projects for its host communities in Akwa Ibom and other areas, while plans are in top gear to float new range of programes.
O’Neil however urged the government to put in place a stable fiscal policy framework that would encourage investment.
The company however stated in a document obtained by The Guardian that its investments in Nigerian content are valued at over $1 billion.
“Our affiliates in Nigeria support the nation’s goal of capacity building and have a strong national content orientation, with a fully staffed department completely devoted to leveraging on this. Our employee work force is 88 percent Nigerian, and we are committed to the utilization of national content in our operations.
“Mobil became the first oil company in Nigeria in. 2011to deploy Nigerian-made pipes (30kms) in its pipeline network. It worked with an indigenous pipe manufacturing company to develop new specifications for Double Submerged Arc Welded Helical (DSAWH) pipes that would meet international standards for low pressure and shallow water applications.
The company later completed the fabrication of three wellhead platforms fully developed in Nigeria. The three platforms were developed under the Satellite Fields Development Project Phase-1 for the Abang, Itut and Oyot (AOI) oil fields located offshore Nigeria, and are the first ever wellhead platforms designed, fabricated and commissioned by Nigerian companies.