ExxonMobil (Irving, Texas) is investing one billion US dollars in Nigeria. The investment marks the return of the US oil company to drilling activities in the country.
Nigeria’s regulatory authority, the Nigerian Upstream Petroleum Regulatory Commission (NUPRC), said on Wednesday that production would increase by 40,000 barrels per day as a result. The managing director of Nigeria, Jagir Baxi, confirmed the investment commitment at an oil conference in the capital Abuja.
Nigeria is trying to attract new investment in the production business and boost crude oil output. Separately, the NUPRC awarded 19 new licenses for exploration in deepwater and shallow water areas.
Source: www.handelsblatt.com
